The U.A.E., the fourth-largest crude producer in the Organization of Petroleum Exporting Countries, and its OPEC colleagues have made "massive investments" to ensure the world has sufficient spare oil capacity in case of a crisis, an energy ministry official said.
"OPEC's ability to respond to unforeseen events and, whenever necessary, to increase production depends on massive investments in spare capacity,'' Ali Obaid Al-Yabhouni, the U.A.E.'s OPEC Governor, said yesterday at the unveiling of the country's plan to commemorate the oil exporting group's 50th anniversary at a forum on Dec. 5th. "Oilfields and oil facilities kept unused in case of an emergency -- this is a unique and free service that OPEC members extend to the world community," he said.
Oil prices will rise as spare production capacity drops to through to the end of 2012, Morgan Stanley said in a recent research report. Spare capacity passed its peak this year and may decline to 4.1 million barrels a day by the end of 2011 from 5.9 million barrels today, and could drop to 2.5 million barrels a day by end-2012, the report said.
The U.A.E. Energy Minister His Excellency Mohamed Bin Dhaen Al Hamli will present the keynote speech at the OPEC50: Abu Dhabi Energy Forum at the Higher Colleges of Technology Abu Dhabi Men's College early next month, where he will be joined by a senior delegation of U.A.E. and ADNOC officials.
Maersk Oil, Senergy and Shell are amongst the knowledge event's international industry partners, and they will exchange views on the outlook for energy with their counterparts from the national oil company, including ADNATCO, Abu Dhabi Gas Liquefaction Limited, Abu Dhabi Company for Onshore Oil Operations, Abu Dhabi Petroleum Ports Operating Company and Abu Dhabi National Chemicals Co.
A unique feature of this important commemorative forum, which will be produced by TheGulfIntelligence.Com, will be a moderated discussion at each table-of-10 between executives from international energy companies and national companies on the vital issues facing the energy industry through 2030.
