OPEC's new secretary-general says cartel members may be forced to attract more foreign investment to meet the world's expanding oil needs, the Wall Street Journal reports, a reversal of some countries' traditional opposition to cooperation with major Western producers. Oil-rich nations, currently riding high, may find themselves at a disadvantage when it comes to technology.
Abdalla el-Badri, a former Libyan oil minister, held up last month's deal between Libya and BP as an example. He said OPEC must find $500 billion to invest by 2020 to increase production by 9 million barrels per day. And in an interview with the Financial Times, the secretary cautioned that increased biofuel use may move OPEC to cut production.