Middle East Economic Survey
VOL. XLVII
No 47
22-November-2004
SUPPLY/DEMAND
Woodmac Sees OPEC Spare Capacity Growing Through 4Q, 2005
The lack of spare oil production capacity in OPEC countries is expected to ease in the fourth quarter and in 2005, according to a November report issued by Wood Mackenzie. The report said that as the winter heating demand season gets under way, OPECs current spare capacity is estimated to be just 1mn b/d of heavy sour crude. But the Edinburgh-based analyst added that...
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