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OPECâ€™s delayed projects on track

31 March 2010 11:32 (UTC +04:00)

Baku â€“ APA-Economics. Members of Opec, the oil exporters’ group, have revived the oil projects they put on hold when oil prices collapsed to almost $30 dollars a barrel early last year.

Abdalla El-Badri, Opec’s secretary-general, said all 35 projects that had been delayed or considered for cancellation were back on course.

He said that Opec’s member countries now had a total of 150 projects under development, which would add about 12m barrels per day of oil-production capacity by 2014.

The 35 projects that have been restarted are expected to contribute about 5m barrels per day of that capacity. They have been revived following the recovery of oil prices in the past year to about $80 a barrel. Mr El-Badri said: "They are all back on track."

80 per cent of the growth that we see in the future will come from India and China, and the Middle East and Asia as a whole, he said.