OPEC’s World Oil Outlook (WOO) says that the low oil prices of the 1980s and 1990s have had a dramatic impact on the oil industry because such low prices discouraged investment. As a result, at the beginning of this century, the world was caught unprepared for the surge in demand when faced with above-trend global economic growth. OPEC assumes annual growth of 1.7% amounting to a 50% rise in worldwide energy demand during 2006-30. This is based on world economic growth averaging 3.5% year and assuming no significant changes in policies and technologies.