The world's spare oil production capacity outside of Iran rose in last
two months to 2 million barrels per day, up from 1.8 million bpd in the
previous two months, Reuters quoted the EIA bimonthly report a day ahead of its
publication. (Reuters, 25 October)
The spare oil capacity growth was attributed to waning demand for
gasoline in the U.S. and the fall in oil use for power generation in the Middle
East, EIA reports.
While demand fell, global production outside of Iran rose, the report says.
Libya, Iraq and Saudi Arabia pumped more crude and the United States continued
to draw more oil from its vast shale reserves.
EIA reports also points to a “very small” increase in global imports of
Iranian crude since the July low. The report comes ahead of key decisions facing
the Obama administration in December on whether to extend six-month “exceptions”
or waivers to the sanctions to China, India, South Korea and other importers.
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