OPEC says third world must up energy output
Developing countries must step up future domestic energy production, since it will be cheaper and more reliable than depending on oil from the Organization of Petroleum Exporting Countries, OPEC said. It called for global action to finance searches and underwrite losses, saying financial aid should come from industrialized states, international organizations, large oil companies, research institutes, and communist countries.
An OPEC report said about 20 percent of the world's 2,000 billion ultimately recoverable barrels of oil are in non-OPEC developing countries but not found because there is so little exploratory drilling. In addition, about 90 percent of the world's potential hydroelectric power is still untapped. The third world has about 65 percent of this potential, but has so far developed only 4 percent of it.