| Submit your comments on this article |
| Economy |
| Global reliance on OPEC to rise: IEA |
| 2010-09-05 |
| [Iran Press] The head of the International Energy Agency (IEA) says the world's reliance on the Organization of Petroleum Exporting Countries (OPEC) for crude oil will increase in the future. "Global dependence on the Organization of Petroleum Exporting Countries for crude oil will rise in the next five to 10 years as output by non-OPEC nations falls," IEA Executive Director Nobuo Tanaka told AFP on the sidelines of a conference on the launch of the organization's Energy Technology Perspectives 2010 report in New Delhi on Friday. "We have seen an increase in non-OPEC supplies. But in the mid-term, non-OPEC production will decline," he said adding, "so dependency on OPEC oil will increase." Tanaka noted that the global oil market is currently well supplied. "Stock level in OECD (Organization for Economic Cooperation and Development) countries is still high and the OPEC has a very good spare capacity at this moment," he said. He went on to say that it is not easy to project what action OPEC is going to take during its October 14 meeting in Vienna. However, it is anticipated that there will be no change to OPEC production quotas in the meeting. Iran is one of the founding members of the Organization of Petroleum Exporting Countries and is its second-largest oil producer after Saudi Arabia. In 2009, Iran's crude production stood at approximately at 3.8 million barrels per day. OPEC's 12 members -- Iran, Iraq, Saudi Arabia, Qatar, the United Arab Emirates, Kuwait, Algeria, Libya, Nigeria, Angola, Ecuador, and Venezuela -- produce about 40 percent of the world's crude oil. |
| Posted by:Fred |
| #2 Obama could've taken up the Pickens Plan and run with it. Instead, he went for socialized medicine. |
| Posted by: American Delight 2010-09-05 13:44 |
| #1 If we could just harness the power of bovine flatulence...for good and not global worming! |
| Posted by: Entertaining Prose 2010-09-05 11:32 |