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IEA sees 2.6 million-b/d near-term gain in OPEC capacity

04/23/2007
Members of the Organization of Petroleum Exporting Countries, led by Angola and Saudi Arabia, will increase total capacity to produce crude oil this year and next by a net 2.6 million b/d.The International Energy Agency made that forecast in its April Oil Market Report, warning of uncertainty about developments in Nigeria, Venezuela, and Iraq and noting that the crude streams due on stream will be “relatively sweet.”Net of assumed declines in existing fields, OPEC production capacity will rise to 34.8 million b/d by the end of this year from 33.9 million b/d at the end of 2006, IEA said. By yearend 2008 it will reach 36.5 million b/d.The assessment assumes decline rates rangin...
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