OPEC'S EVOLVING ROLE: OPEC capacity potential needed to meet projected demand not likely to materialize

It was in the aftermath of the first oil price shock of 1973-74 that the question of the Organization of Petroleum Exporting Countries' production capacity was initially raised.Until then, no one had bothered to tackle this secondary issue, as OPEC's capacity was regularly increasing by leaps and bounds-especially during the prolific 1960s. For the major international oil companies operating in OPEC-member countries, it was an embarrassment of choices rather than limitations. Back then, there was no concern about a capacity ceiling; the sky was the limit. When, for example, a supergiant oil field such as Iran's Marun could be tapped for 1 million b/d within 10 years of its dis...

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