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GCC to raise 2012’s oil production by 800k bpd

30 May 2012

(MENAFN) The Institute for International Finance (IIF) stated that during the current year, oil production from the Gulf Cooperation Council (GCC) countries is set to grow by 800,000 barrels per day (bpd), reported Emirates 24/7.

The Washington-based IIF attributed the increase to the GCC’s plan to offset the forecasted decline in Iranian oil exports.

It said that the region’s average oil output in 2012 would reach 17.3 million bpd, compared with an average of 16.5 million bpd in 2011, adding that the countries’ spare production capacity is between 2.5 million bpd to 3 million bpd at the current time.

It is worth noting that Arab Gulf countries contribute 20 percent of global oil supply, and account for 40 percent of proven oil reserves.

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