Contributed by: APG on Lunes, 31 Octubre 2005 @ 21:46 CET
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No excessive supply of oil expected in next 30-40 years - OPECPARIS, October 30 (Itar-Tass) -- There will be no excessive supply of oil on the world market in the next 30-40 years, OPEC acting secretary general Adnan Shihab-Eldin said in Paris on Sunday.
He called on private oil companies to reduce the pressure, which prompts an increase of oil prices.
Oil companies should use their profits to build oil refineries, he said. Chances for investments are huge, he said.
OPEC is concerned about the shortage of oil refineries, which prevents oil prices from going down despite the enlarging production, Shihab-Eldin said.