The Organisation of the Petroleum Exporting Countries (OPEC) is planning to inject $150 billion (105 billion) over the next five years into more than 120 projects intended to boost oil output.
The programme will boost the cartel's overall production capacity by more than five million barrels a day.
'Large and complex refineries are being planned or under construction, both domestically and abroad,' Mohamed al-Hamli, the oil cartel's president, says.
The programme would help to satisfy growing demand for uninterrupted secure oil supplies, as well as offering an adequate level of spare capacity for the benefit of the world at large.
'Opec member countries are also investing heavily in refining and delivery infrastructure, such as pipelines, storage facilities and terminals,' he adds.
The 13 member states of Opec supply about 40% of global crude oil production of 85 million barrels a day.
