26 Nov '12, 9am

Oil Watch - OPEC crude oil production (IEA)

Oil Watch - OPEC crude oil production (IEA)

The United Arab Emirates, Kuwait and Qatar all show a similar development in crude oil production and spare capacity since January 2002. Each country has shown only small growth in total capacity over the period. From 2002 to 2005 production grew in each country at the expense of spare capacity and from 2005 to 2008 spare capacity was small and likely non-existent. Each country reduced production following the 2008 financial crash but since then production has once again grown and spare capacity has been squeezed. Since 2008, Qatar is somewhat different since production has declined and the IEA now interpret Qatari spare capacity to be close to zero. This will be something to watch in the coming months and years.

Full article: http://www.theoildrum.com/node/9646

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