The magic number to understanding oil is 40 per cent

Robin Mills
http://www.thenational.ae/thenationalconversation/industry-insights/energy/the-magic-number-to-understanding-oil-is-40-per-cent?pageCount=0

Sep 27, 2011 

Abdalla El Badri, the Opec secretary general, who spoke in Dubai last week, made a comment that explains why oil prices have been so high in the past decade, as well as offering a clue to future strategy.
The International Energy Agency (IEA) and the US's energy information administration forecast Opec's share of output to increase steadily - but, in complete contrast, Mr El Badri mentioned that, as far off as 2035, the organisation would keep its share of world oil production at about 40 per cent.
This 40 per cent is the magic number - the key to understanding the past decade in oil, and the next.