Gulf Producers Hold All Worlds Excess Oil Production Capacity, Says EIA
As of April 2003, following theIraq war, excess world oil production capacity stands at only 700,000-1.2mn b/d, all of which is located in the Gulf, according to the Energy Information Administration (EIA) of the US Department of Energy (DOE). In an updated Persian Gulf Oil and Gas Exports Fact Sheet, posted to the DOE website on 18 April...
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