Moscow. November 19. Saudi Arabia is working with States, OPEC and oil producers outside the organization, on measures of stabilization of the oil market, said oil Minister of the country Ali Ibn Ibrahim an-Nuaimi. According to his forecast, oil demand in the next 10 years will grow 1 to 1 million b/d.
“Saudi Arabia is a reliable supplier. We work with countries in OPEC and producers outside of OPEC to stabilise the market, quoted by Bloomberg. – We need billions of dollars to continue work on the exploration and production of oil and need to invest in backup capacity to stabilize the market.”
Estimated al-Nuaimi, oil demand will increase by 1 million barrels per day (b/d) during each of the next 10 years. He noted that the industry investments are needed to compensate for a reduction of rates of selection of oil, which presently stands at about 4%.
According to al-Nuaimi, Arab countries need investment in the energy sector in the amount of $700 billion in the next 10 years.
In the Arab countries is 57% of the world’s oil reserves and oil consumption is about 10% of global demand. The volume of oil production by OPEC countries exceed the quota of the organization 17 months in a row. Saudi Arabia, the largest oil exporter in OPEC, rejects the appeals of the other States of the organization, including Algeria and Venezuela, on the reduction of oil production to stabilize prices.
The next meeting of representatives of OPEC countries, which will discuss production quotas, will be held on December 4 in Vienna.