Financial Times FT.com

Oil

Opec’s economic clout set to grow

By Javier Blas and Carola Hoyos

Published: November 5 2008 19:02 | Last updated: November 5 2008 19:02

The world economy will witness a $2,000bn shift in wealth and power from oil-consuming countries to members of the Organisation of the Petroleum Exporting Countries as oil prices rise to $200 a barrel by 2030.

That stark assessment will be made next week by the International Energy Agency, the western countries’ energy watchdog, which will also warn that oil prices could rise even further because national oil companies in oil-rich countries are likely to delay investment decisions.

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