Organization of Petroleum Exporting Countries (Opec), which pumps about 40 percent of the world's daily oil, has sufficient spare capacity in member-countries like Saudi Arabia and the UAE to continue to cover for Libya or any other unforeseen disruption to energy supplies, the head of the oil exporters group said. "Today, the energy industry and, more generally, the global economy are at a crossroads - there are many difficult decisions ahead of us," Abdalla Salem El-Badri, Opec Secretary General, told The Gulf Intelligence Energy Markets Forum in Dubai Monday. "Despite the uncertainties and challenges we face, Opec remains committed to providing a stable supply of oil in order to support a return to economic stability," he said. The demand for Opec oil is expected to hit about 30 million barrels a day in 2011 at a time when the Opec Basket Price, which is an average oil price from a collection of different crudes produced by member countries, has been above $100 a barrel since February. In the case that prices remain at these levels through 2011, Opec should see the total annual oil revenue of its members exceed $1 trillion for the first time. "Just as consumers need to be sure about an affordable and continuous supply of oil, producers need to be sure there is a demand for their product if they are to invest in future supply," El-Badri said. "The only way to bring about lasting energy security – security that is needed for a stable and prosperous future – is through transparent debate and dialogue among all stakeholders," he said at his first ever industry forum in the UAE. The forum was held in Armani Hotel with more than 100 industry professionals in attendance.
