Middle East Economic Survey


No 8


OPEC Capacity Rising, Says IEA

OPEC producers’ planned investments in new oil production capacity suggest that recent oil market tightness could ease, according to the International Energy Agency (IEA). In the latest monthly Oil Market Report, published on 10 February, the agency says that OPEC average oil production capacity at mid-year 2004 was 30.5mn b/d, barely 500,000 b/d above the mid-2003 level: “Mid-year...