OPEC Members May Seek More Foreign Funding

Soaring world demand breaks down resistance to international deals
By Peter Fearon,  Newser Staff
Posted Jun 6, 2007 10:23 AM CDT
OPEC Members May Seek More Foreign Funding
Local residents paddle a canoe past oil installations belonging to the Mobil oil company in Bonny Island, Nigeria, in this Thursday, Aug. 17, 2006 file photo. Oil prices dropped nearly $2 a barrel, Tuesday, May 29, 2007 on hopes that the inauguration of a new president in OPEC member Nigeria would contribute...   (Associated Press)

OPEC's new secretary-general says cartel members may be forced to attract more foreign investment to meet the world's expanding oil needs, the Wall Street Journal reports, a reversal of some countries' traditional opposition to cooperation with major Western producers. Oil-rich nations, currently riding high, may find themselves at a disadvantage when it comes to technology.

Abdalla el-Badri, a former Libyan oil minister, held up last month's deal between Libya and BP as an example. He said OPEC must find $500 billion to invest by 2020 to increase production by 9 million barrels per day. And in an interview with the Financial Times, the secretary cautioned that increased biofuel use may move OPEC to cut production. (More OPEC stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X