TODAY.AZ / Business

Oil output will boost world supply by 2010

19 July 2006 [14:18] - TODAY.AZ
Angola, along with several other non-Opec countries, would be largely responsible for increasing in world oil supply by 2010, said a Deutsche Bank report.

The report by Adam Sieminski, the bank's chief economist for the power sector, said that over the next four years Angola is expected to add an average 1.25 million bpd (barrels per day) to the world supply.

The other countries mentioned were Russia (1.02 million bpd), Kazakhstan (940,000 million bpd), Azerbaijan (890,000 million bpd), Brazil (830,000 million bpd) and Canada (640,000 million bpd).

The report showed that Angolan output would rise by 15 per cent, behind Azerbaijan's 25.3 per cent.

The report adds that these production increases would help deal with expected falls in production in Mexico, Norway, the UK and the US.

However, the report adds that growth may slow in 2010 at the same time reserves in the North Sea and North America were expected to start running out, making for a volatile market.

/the Voice/

URL: http://www.today.az/news/business/28293.html

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