Eric Watkins reports in Oil & Gas Journal:
The International Energy Agency, revising upward earlier estimates, said it expects production capacity of members of the Organization of Petroleum Exporting Countries to reach 38.1 million b/d by 2016.
"Crude oil expansion plans in the medium term are moving apace, with capacity now forecast to increase by 2.33 million b/d to 38.1 million b/d by 2016," IEA said in its latest monthly report.
"Iraq accounts for 80% of the increased capacity, followed by the UAE and Angola," IEA said, noting that capacity growth is 200,000 b/d higher than its previous forecast for the 2010-16 period.
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