The president of OPEC has expressed concern about future oil demand and the cost of maintaining spare output capacity as consumers look for cleaner fuels.
An unforeseen drop in demand during the global recession has led to a huge overhang of idle oil wells, especially in the Gulf.
“What concerns us in OPEC is security of demand. We firmly believe it should be given the same weight as security of supply,” said Jose Botelho de Vasconcelos in Abu Dhabi yesterday in a speech on energy security. “Producers cannot afford to invest in capacity that will not be used. It is an expensive business to invest in idle capacity.
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