By Ben Nakomo
The price of OPEC basket of eleven crudes stood at 68.30 dollars a barrel on Wednesday, 29/8/07, compared with 68.19 dollars the previous day, according to OPEC Secretariat calculations. OPEC Member Countries have embarked upon substantial investments, both upstream and downstream, to ensure that the world economy benefits from regular and secure oil supplies. OPEC Crude oil production capacity (excluding Iraq) is projected to increase to around 36.9 mb/d by 2010 from 31.7 mb/d in 2005. In addition, Iraq’s recovery should contribute significantly to raising OPEC’s overall production capacity. Similarly, production capacity of Liquified Natural Gas and other liquids will be expanded by around 2 mb/d to reach 6 mb/d by 2010.