DOHA, Nov 1: "To maintain its 1995 production level and make itsproportionate share of the additional amounts, OPEC would need to invest about $60 billion by the year 2010 and another $250 billion by 2020," Abdullah al-Attiyah, also Qatari oil Minister, told a conference."World oil demand, which was about 70 million barrels perday in 1995, is expected to be over 90 million bpd in 2010 and over 100 million bpd in 2020," he added.
Attiyah urged investors, producers and consumers to devise"mutually acceptable mechanisms for the sharing of investment risks to assure sufficient oil supply well into the next century".
"OPEC will attract substantial investment capital, because,in addition to having the world's largest reserves, they also have some of the lowest production costs in the world," Attiyah said.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.