No. 12



IEA Estimates OPECs Spare Oil Production Capacity At A Healthy 5.4Mn B/D

The International Energy Agency (IEA) estimates that OPECs current crude oil production capacity is 32.1mn b/d, and that with February output at a combined 26.6mn b/d, the organizations spare capacity is "a healthy" 5.4mn b/d. In the March issue of its Monthly Oil Market Report (for full review see page A10), the IEA says that OPECs spare capacity has risen from an average of 4.1mn b/d in...