OPEC Members May Seek More Foreign Funding

Soaring world demand breaks down resistance to international deals
By Peter Fearon,  Newser Staff
Posted Jun 6, 2007 10:23 AM CDT
Local residents paddle a canoe past oil installations belonging to the Mobil oil company in Bonny Island, Nigeria, in this Thursday, Aug. 17, 2006 file photo. Oil prices dropped nearly $2 a barrel, Tuesday,...   (Associated Press)
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(Newser) – 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.