IEA: Iraq to lead OPEC growth

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 […]

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.