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...