Middle East Economic Survey

VOL. XLVII

No 34

23-August-2004

OPEC

OPEC Capacity Increases On The Way During 2004-2007, Says IEA

The thin margin of spare capacity held by OPEC producers has contributed to recent price strength, but around 2.1mn b/d of incremental OPEC capacity is expected by the end of 2007, according to the International Energy Agency (IEA). In the latest monthly Oil Market Report, published on 11 August, the IEA says that OPEC capacity, excluding Iraq and Venezuela, should increase...