VOL. XLV

No 9

4 March 2002

SUPPLY/DEMAND

North SeaOutput Near Peak As Brent Role Set To Wane

North Sea oil andNGL output is expected to average 6.19mn b/d in 2002, according to WoodMackenzie ofEdinburgh. In its NorthWest Europe Oil Production Forecast 2002, published in early February, theanalyst says that this total is about 2% higher than the 2001 level: However,in global terms, we see little capacity for significant growth in output fromthe North Sea area.

The report saysthat average Norwegian...