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OPEC sees threat from 'alternative energy'
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SPECIAL TO WORLD TRIBUNE.COM
Monday, August 15, 2005
ABU DHABI — OPEC plans to establish a research and development
institute in an effort to improve oil production technology.
"Our competitors, the alternative energy providers, are intensively
pursuing research programs aimed at reducing the domination of oil and gas
in the global energy market," Abdullah Salatt, Qatar's representative to
OPEC, said. "Likewise, we should have our own independent programs."
The R&D institute would be located in Kuwait and stemmed from a decision
in 2001, Middle East Newsline reported. Officials said the institute would seek to develop technology that
would ensure the fulfillment of demand by OPEC clients.
Oil dropped from it $67 high today, but President Bush's refusal to rule out force against Iran, OPEC's second biggest producer, kept prices bubbling, Reuters reported.
Energy analysts see prices, up 40 percent this year, reaching $70 a barrel. Adjusted for inflation that would be close to the $82 average in 1980, one year after the Iranian revolution.
OPEC states have obtained a study carried out by the Oxford Institute
for Energy Studies regarding the requirements of such an R&D center,
officials said. They said the institute would not seek to replace oil
exploration and development research by individual OPEC members.
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