OPEC concerned about future demand of oil
The Organization of Petroleum Exporting Countries (OPEC) was concerned about future demand when considering whether to boost investment in oil production, the cartel's president said.
Khelil said the big uncertainties have increased the risks for oil producing countries to make huge investments in production.
As the international oil prices kept rising, which climbed above $143 per barrel, oil producing countries were under growing pressure from consuming nations to increase production in order to contain further oil price hike.
But most OPEC members have insisted the market is currently fully supplied, blaming speculations for the price hike. They said there should be clear demand in the market before any increase of production.
Khelil said the oil cartel's concern about future demand mainly result from the global economic outlook, prospects of oil prices, the looming of a global financial crisis and the promotion of alternative energies in many countries. (Xinhua)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.