(EnergyAsia, February 25, Wednesday) — OPEC member countries have delayed developing at least 35 projects to raise oil production in response to current weak market conditions.
The cartel’s secretary general Abdullah al-Badri said the recent sharp plunge in oil prices, weakening demand and the global credit crisis have dampened members’ interest in expanding capacity.
Oil prices have fallen from a peak of more than US$147 per barrel last July to around US$35 per barrel the last two months.
OPEC’s 2009 oil revenues could drop by half from last year’s record of nearly US$1 trillion.
Mr al-Badri expects that OPEC will still proceed to complete 115 projects by 2013.