OPEC Production Capacity to Dip Next Year Before Rising After, IEA Says
OPEC’s crude oil production capacity will dip next year then rise steadily through 2012 to 2015, according to a monthly report from the International Energy Agency.
The daily production capacity for all 12 members of the Organization of Petroleum Exporting Countries is forecast at 35.50 million barrels for this year, 35.22 million barrels for 2011 and 36.94 million barrels for 2015, it said.
Capacity declines in 2011 are forecast in Algeria, Angola, Iran, Kuwait, Saudi Arabia and Venezuela, according to the report from the Paris-based agency. Not all of the capacity is currently used after the group reduced output last year.
Saudi Arabia, which is currently producing about 8.3 million barrels a day, is forecast to have an average production capacity of 12.08 million barrels a day this year and 12.04 million barrels a day in 2011, the IEA said. OPEC meets tomorrow in Quito, Ecuador.
To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net
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