Since then, the plant's output has risen to 18,000 barrels a day, from 8,000.

But its production allowance will rise to 4,524,000 barrels a day, from 4,343,000.

That is projected to rise to nearly 105 million barrels by 2015.

Last year, demand rose by 3.4 percent, to 82.5 million barrels a day, the strongest pace of growth in nearly three decades.

Imports rose 20.6 percent, to 8.2 million barrels a day.

Net imports are expected to rise to 3.5 million barrels (560,000 m) per day by 2010.

Over the same period, however, gasoline consumption has risen by 45 percent, to 9.5 million barrels a day.

Output should rise to 36 million barrels by 1994, he added.

Demand for oil will rise from the current 85m barrels per day to 106m barrels by 2030.

Mr Shaw said oil production rose from 9,290 to almost 11,000 barrels a day.