Austria ? World energy needs will spike by more than 50 percent by 2030 but adequate oil reserves, conservation and new methods of recovery mean supply will keep pace with demand, the Organization of Petroleum Exporting Countries said Thursday.

In its “World Look Outlook for 2008,” OPEC also took issue with critics blaming present skyrocketing prices on the refusal of the organization to increase output, asserting that the weak U.S. dollar and market speculators were at least partly to blame.

And it suggested that decades of low prices led to under-investment, leaving the industry ill-prepared to sate the increased hunger for crude generated by strong economic growth.