OGJ Newsletter

07/05/2004
Market MovementIncreased OPEC outputerodes spare capacityEfforts by the Organization of Petroleum Exporting Countries to satisfy world demand for crude this summer had the "unintended consequence" of reducing its spare production capacity, analysts said.If the 10 OPEC countries still subject to production quotas maintain their projected June output level of 27.5 million b/d, the group's spare crude capacity will shrink to an estimated 800,000 b/d in the third quarter from 1.6 million b/d in May, according to a June 30 analysis by Edinburgh-based consultant Wood Mackenzie Ltd. Only Iraq is currently exempt from quota restrictions. "As a result, the capacity crunch has indirectly height...
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