OPEC needs "robust" oil price to invest in future supply:sec gen

Dubai (Platts)--16May2005

OPEC acting secretary-general Adnan Shihab-Eldin Sunday told a joint
OPEC/International Energy Agency workshop in Kuwait City that oil prices had
to remain at sufficiently robust levels to support the investment required to
meet future oil supply, a joint statement issued at the end of the meeting
said. 

The workshop, the third of its kind, was exploring economic prospects of
the Middle East and North Africa (MENA region), which is expected to play a
growing role in world energy markets over the coming decades. "It is, of
course, a region containing much of the world's proven reserves of oil and
gas, and it will, therefore, play a central role in future world energy
supply. To this end, oil prices must be at sufficiently robust levels to
support the required investment, the magnitude of which will not be dissimilar
to what has occurred in the past," Shihab-Eldin said.

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