This is exactly what we needed now; OPEC warning â€“ threatening (take your pick) through its secretary-general, Abdalla El-Badri, that if the West continues to develop bio-fuels as an alternative energy source to combat climate change, the price of oil could go â€œthrough the roofâ€ as the cartelâ€™s members will start cutting investment in new oil production.
OPEC (Organisation of the Petroleum Exporting Countries) which controls about 40 per cent of world oil production, plans to spend about $130bn until 2012 to raise oil output. Iraq production apart, the petrol cartel forecasts a capacity of 39.7m barrels of crude oil per day in 2010, up from todayâ€™s 35.7m b/d. El-Badri told FTP that OPEC also plans to invest another $500bn in production development during the period 2013 to 2020. However, always according to El-Badri, that could change depending on the biofuels outlook.
And to think that world production of biofuels were equal to a mere 1 per cent of all road transport fuel in 2005! To make a long story short, what those democratic and anthropocentric fellas at OPEC are telling is, stop trying to find alternative fuels or weâ€™re going to shove a raise so deep up your rass that itâ€™ll take your economies years to recover.