OPEC Secretary General Abdalla El-Badri said that the organization will need to increase oil extraction from 30 million to 40 million barrels a day in the light of reduction of extraction at complicated wells. OPEC will also extract 50 million barrels of liquid hydrocarbons a day, RIA Novosti reports.
The organization plans to invest $270 billion in increasing oil extraction in the near future.
The secretary general noted that an oil price of $85 per barrel will remove a certain volume of hard-extracted oil from the market. Prices between $95 and $105 per barrel would be favourable.
