Petroleum: Reserves and Resources
Oil production is projected to increase by 35 million barrels per day in 2030 over 2004 levels. Tomeet the demand for oil, production is expected to increase in both the Organization of the Petroleum Exporting Countries (OPEC) and non-OPECproducers,withmost (65 percent) of the total increase coming from OPEC countries.
It is generally acknowledged that OPEC members with large reserves and relatively low costs for expanding production capacity can accommodate sizable increases in the world’s petroleum consumption. Geopolitical issues in a number of the OPEC countries, including Iraq, Iran, Venezuela, and Nigeria, lead to great uncertainty in making projections of future production levels. Projections of Iraq’s future oil production are well below its prewar production.