Oil supply challenges-2: What can OPEC deliver?

The first part of this two-part series appeared Feb. 21, 2005, p.20.The global market will need increasing volumes of oil from members of the Organization of Petroleum Exporting Countries after non-OPEC production reaches a maximum of about 50 million b/d between 2007 and 2011 (see Fig. 7, OGJ, Feb. 21, 2005, p. 28). Predicting future OPEC production potential is subject to considerable uncertainty as it depends on a number of interrelated factors:• The near and medium term (to 2020) demand for oil.• Non-OPEC production.• OPEC oil reserves.• The timing and scale of investment decisions to increase production capacity in the Persian Gulf OPEC countries.• ...

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