Latin America proceeding with investments in alternative energy

Record-high oil prices last summer and substantially lower levels earlier this year have had the oil and gas services industry on somewhat of a roller coaster.

When oil prices were off their current levels - now hovering near $67 per barrel - many companies in the industry were unwilling to make new investments in exploration.

The Organization of Petroleum Exporting Countries has in past months made commitments to reduce production as supply mounted and demand remained weak in hopes of driving the price back up.

Now, the Wall Street Journal reports that OPEC secretary general Abdalla Salem El-Badri said the group would like to see prices hit $80 a barrel.

As all of this has transpired, Frost & Sullivan reports that the Latin American oil market which produced 10.11 million barrels daily in 2008 could be producing 11.17 million barrels in 2014.

But the report says that many countries in the region are investing in diversified energy sources with money being funneled to renewable energy innovation.