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USD209bn oil investment needed
- United Arab Emirates: Tuesday, September 09 - 2003 at 09:15
Opec Secretary-General Alvaro Silva said Opec countries would need to invest an estimated USD209bn by 2020, and USD100bn by 2010 to expand oil capacity. He told a conference in Dubai that Opec countries held four-fifths of known oil reserves but pumped only one third of global oil due to output restraint to control prices. Dependence on Opec would increase in coming years as other reserves dwindled, he predicted.
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Peter J. CooperTuesday, September 09 - 2003 at 09:15 UAE local time (GMT+4)
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