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Nigeria and other OPEC members plan $ 150bn project to boost oil output
Nigeria and 12 other members of the Organization of Petroleum Exporting
Countries (OPEC) are planning to inject $150bn (£72.4bn) over the next
five years into more than 120 projects intended to boost oil output.
Making the disclosure in Singapore, President of the organization,
Mohamed al-Hamli, who is also the Oil Minister of the United Arab
Emirates, OPEC's third-largest-producing country, said the program will
boost the overall production capacity of member countries by more than 5
mm bpd. He further revealed that large and complex refineries are being
planned or under construction, both domestically and abroad.
The program would help to satisfy the growing demand for uninterrupted
secure oil supplies, as well as offering an adequate level of spare
capacity for the benefit of the world at large. OPEC member countries
are also investing heavily in refining and delivery infrastructure, such
as pipe-lines, storage facilities and terminals, he said.
OPEC, which supply about 40 % of global crude oil production of 85 mm
bpd, are expected to discuss raising output at their next policy meeting
in Abu Dhabi. Production levels for the first quarter of 2008 will also
be reviewed at the meeting.
Some members, including Indonesia and Saudi Arabia, OPEC's largest
producer, which control about a quarter of the world's proven oil
reserves, are thought to be willing to consider an increase. Others,
such as Venezuela, are less keen to bow to pressure from big consumer
countries, including the United States.
Since August, crude prices have surged more than 40 % from below $ 70 a
barrel to close to $ 100. Meanwhile, top officials of the organization
have raised alarm over the oil prices threatening to top $ 100. The
officials who reiterated that markets were well supplied however
declined to comment whether OPEC would raise output.
The 13-member organization has been under pressure from consumer nations
to raise production again to stop oil prices from vaulting above $ 100 a
barrel, sayingit would add strain to a vulnerable world economy. But few
days to the meeting in Abu Dhabi, both the OPEC President and Saudi Oil
Minister Ali Al Naimi still assert that prices were beyond the group's
control. The duo also said they were not aware of any specific output
proposals, even as they dismissed reports that Gulf ministers were
considering an increase of up to 750,000 bpd.
"We observe with great concern the recent escalation of oil prices.”
