ME Report

OPEC Crude Production & Spare Capacity Outlook

  • Additional crude production capacity by some OPEC member states will be consumed by production shortfalls in others
  • Spare capacity will remain relatively low; We project it to rise from 2.6 million b/d in 2012 (IEA, average effective) to 3.2 million b/d in 2013
  • In 2018, we see effective spare capacity between 3.6 - 4.1 million b/d

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