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FINANCIAL NEWS
Delays in MENA’s energy projects to raise crude prices
19 Feb 2012
(MENAFN) The Arab Petroleum Investment Corporation (Apicorp) said that a probable postponement in energy projects in the Middle East and North Africa (MENA) region would be forecasted to boost crude prices after 3 years to more than USD150 a barrel, reported Emirates 24/7.
Apicorp added that over the next 25 years, a total cumulative investment in energy infrastructure of USD37.9 trillion would be needed to balance supply and demand.
It also said that the MENA region would be expected to invest around USD2.7 trillion into upstream crude and gas projects over the coming 25 years, compared with the total global energy capital of USD37.9 trillion.
It is worth noting that the MENA region holds 59% of the world’s proven crude oil and condensate reserves, however, it contributes with just 36% of global oil production.
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