Oil Market Analysts Issue Dire Warnings

Venezuelan Energy Minister Rafael Ramirez tells journalists the current model of oil consumption is 'suicidal'.

Published: 01-Jan-2006

CARACAS - While this year's record high oil prices are unlikely to come down in the near future, analysts are warning the world's traditional and emerging economic powers to curb consumption, saying that at the current rate, proven reserves will only meet demand up to 2030. "The current model (of consumption) is suicidal," says the energy minister of Venezuela, an OPEC member.

While this year's record high oil prices are unlikely to come down in the near future, analysts are warning the world's traditional and emerging economic powers to curb consumption, saying that at the current rate, proven reserves will only meet demand up to 2030.

"The current model (of consumption) is suicidal," Venezuelan Energy Minister Rafael Ramírez recently told journalists. "The United States, for example, will use up its oil reserves in 10 years, and after that it will go after its rivers, lakes and forests."

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