OPEC output to ramp up in 2010 despite slowing demand growth projections

19-Nov-09
Despite slowing growth in global oil demand has been predicted in the years ahead, some OPEC nations plan to ramp up their capacity. OPEC output capacity is expected to increase by around one million bpd in 2010 as projects enter service in Angola, Iraq, Qatar and Saudi Arabia. As many of the projects started development well before the recession, this expansion highlights a bigger problem developing for its partners in the Organization of Petroleum Exporting Countries (OPEC) over market share and could ultimately lower oil prices. Significant challenges face OPEC next year in a bid to integrate this demand that vastly exceeds world demand for its crude.
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