OPEC Spare Output Capacity to Triple, Barkindo Says

(Bloomberg) — OPEC’s spare oil output capacity may triple by 2010 as member countries spend $100 billion on exploration and production projects, acting Secretary General Mohammed Barkindo said.

Spare volume by the Organization of Petroleum Exporting Countries’ member could increase to 6 million barrels a day from about 2 million barrels a day currently, which is concentrated in Saudi Arabia, the U.A.E. and Nigeria, Barkindo said today in an interview in Caracas.

“According to forecasts of expansions in a number of our member countries, this spare capacity is due to increase substantially by the end of the year, and this will continue in the medium term between now and 2010,” Barkindo said.
Bloomberg