Is OPEC'S future safe?

The share of the 11 member states of the Oil Producing and Exporting Countries organisation in meeting world demands in crude oil will rise to 60 per cent by 2030, an expert report issued by the General Secretariat of the world oil cartel in Vienna reads.

OPEC experts believe the world's energy demand will increase annually by 1.8 per cent in the coming 30 years. The share of Asian, Latin American and African countries in the total consumer energy balance will boost from 40 to 50 or more per cent.

However, OPEC experts believe the structure of energy consumption will remain the same: 35, 25 and 40 per cent will be consumed by industry, transport and residential power consumption respectively.

According to OPEC forecasts, by 2030 oil production will increase by 65 per cent to make 120 million barrels a day, while natural gas extraction will increase by 50 per cent.

OPEC experts also say that in the abovementioned period a barrel of crude oil will cost 35 dollars and a barrel of natural gas in oil equivalent from 25 to 33 dollars.

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Author`s name Editorial Team