US Oil Cut Pledge May Deter Arab Investment Plans

March 2006 | Company News Alert

Arab oil producers plan to invest a whopping US$60-70bn dollars in their respective energy sectors by the end of the decade in a bid to up crude production capacity by 6mn barrels per day (b/d), says the Organisation of Arab Petroleum Exporting Countries (OAPEC). OAPEC, which boasts on its membership roster oil king-pins like Saudi Arabia, UAE and Algeria along with seven other countries, is charged with supporting the Arab oil industry through development initiatives. Unlike OPEC, an international oil cartel that includes non-Arab producers, OAPEC does not deal with global oil pricing

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