LONDON, Jul 07, 2005 (Dow Jones Commodities News via Comtex)
The Organization of the Petroleum Exporting Countries will be unable to meet projected western demand in 10 to 15 years according to Saudi officials, the Financial Times reports.
At today's prices, the world will need the cartel to boost its production from 30 million to 50 million barrels a day to 50 million by 2020 to meet rapidly rising demand, according to the International Energy Agency, the energy watchdog for consuming countries.
But senior Saudi energy officials have privately warned U.S. and European counterparts that OPEC would have an "extremely difficult time" meeting that demand. Saudi Arabia calculates there is a 4.5 million barrels a day gap between what the world needs and what the kingdom can provide, the FT says.
Copyright (c) 2005 Dow Jones & Company, Inc.