Non-Opec nations fail to pump more oil

[justinsb]

Non-Opec nations fail to pump more oil
by
Thursday 11 August 2005 10:15 AM GMT

Non-Opec nations are failing to deliver as much oil as expected this year despite record high crude prices, leaving already stretched Opec to fill the supply void.

The Internarional Energy Agency ( IEA) on Thurdsay, adviser on energy to 26 industrialised nations, also nudged up its world oil demand growth forecasts for this year and the next in a monthly report.

"Until the desire to hold more stocks is sated or the conditions that cause that are changed, the market will be looking for more supply and it will be looking to OPEC," said Lawrence Eagles, head of the IEA's oil market division.

For their part, non-Opec countries are falling behind in their deliveries of new oil.

Non-Opec countries are set to pump only 675,000 barrels per day (bpd) of fresh oil this year, sharply down on the additional 1.1 million bpd in 2004, said the energy watchdog.

The Paris-based agency cut non-Opec supply growth this year by 205,000 bpd, with unscheduled outages in the US Gulf, Mexico, Norway and the UK accounting for 150,000 bpd of the lower estimate.

more: http://english.aljazeera.net/NR/exeres/D0BFB078-3902-4A71-BC18-41C3642C2CC4.htm

[hatrack]

1. You mean money & consumer demand can't make oil flow from the ground?

Next you'll be telling me there's no Easter Bunny! :evilgrin: