OPEC at 91% capacity
MSNBC is running a story on the current oil price with a table of the production v. production capacity of the OPEC-11 (including Iraq). Total productive capacity per day = 30.77 million barrels with current production at 28.1 million barrels. Eight of the nations are at full capacity according to their table. Those that are not:
Qatar near 90% capacity with excess capacity = 90,000 barrels a day.
UAE near 85% capacity with excess capacity = 380,000 barrels a day.
Saudi Arabia at 80% capacity with excess capacity = 2.2 millio barrels a day.
Consider the impact on world prices if OPEC increased production by 2.67 million barrels per day. And we thought Bandar was trying to help Bush out here.