OPEC ready to make needed investments to respond to future needs: secretary general

OPEC secretary general al-Badri listens during a news conference after a meeting of OPEC oil ministers in Vienna
OPEC secretary general Abdullah al-Badri listens during a news conference after a meeting of OPEC oil ministers in Vienna, Austria, June 5, 2015. REUTERS/Heinz-Peter Bader

November 8, 2015

DUBAI (Reuters) – OPEC Secretary General Abdullah al-Badri said that despite uncertainties, OPEC members were ready to make the necessary investments to respond to the world’s future energy needs.

Badri also said that a wave of project cancellations and deferrals in the industry was a “clear demonstration that wide price fluctuations have a detrimental effect on investments and can sow the seeds of future instability”, in a statement on the International Energy Forum’s website.

The secretary general said he saw Asia oil demand rising to almost 46 million barrels per day by 2040, an increase of nearly 16 million barrels per day from 2015.

Oil-related investment requirements between now and 2040 are estimated at about $10 trillion, he said.

(Reporting by William Maclean; Writing by Yara Bayoumy)