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Security vs. insecurity
10/08/2007
Security of demand, the rising concern of oil producers, links inevitably with security of supply, a worry of consumers. An official of the Organization of Petroleum Exporting Countries Secretariat repeated this verity of the oil trade at a press conference in Vienna last month. Consuming nations should heed the message. OPEC members should, too.OPEC members, pointed out Mohamed Hamel, head of the Energy Studies Department, are investing more than $120 billion in at least 120 projects to boost crude oil production capacity in 2012 by 5 million b/d. They’re also investing more than $60 billion to raise refining capacity by more than 3 million b/d in the same period. Hamel said the in...
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