Middle East Economic Survey

VOL. L

No 28

9-July-2007

OPEC/SUPPLY/DEMAND

Growth In Non-Conventional Oil To Pressure Medium-Term Demand For OPEC Crude

The strong growth in non-conventional oil production, which includes biofuels, is set to limit the incremental demand for OPEC crude oil over the coming years, according to OPECsWorld Oil Outlook 2007. In the reports reference case scenario, non-conventional oil production is projected to grow to 10mn b/d by 2030 from just 2mn b/d in 2005. The impact...