Capacity glut looming for OPEC in 2005

A burgeoning surplus of crude oil capacity among members of the Organization of Petroleum Exporting Countries looms on the horizon.The world's surplus oil productive capacity could top 7 million b/d by 2005, up from about 3.3 million b/d in 2004. Most of this surplus will be in OPEC.And who offers this bearish outlook? None other than OPEC itself. In its latest monthly oil market report, published last month, the OPEC Secretariat outlined a scenario for the call on OPEC oil in 2004. It's a sobering scenario for oil market watchers.Demand vs. supply growthThe secretariat's analysis points to the cost of the organization's efforts to defend oil prices in a band at $22-28/bbl...

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