The oil producing cartel, OPEC, says that world demand for oil is to rise by 30 percent by the year 2030 but that increasing efficiency and newly tapped reserves would keep up with the increase.
In its annual World Oil Outlook released in Vienna on Thursday, OPEC forecast world need for oil in two decades would be more than 113 million barrels per day, down slightly from an earlier prediction. Secretary General Abdalla Salem el-Badri warned though that if Iran were attacked, the organisation would Global energy needs 'to grow 50%' ...
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OPEC to lift production capacity by 2012 ... be unable to make up any shortfall. El-Badri said at the moment, there was plenty of oil on the market and that the current high price of crude was unjustified.
(Deutsche Welle)
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