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It added that OPEC's production capacity would rise by 400,000 barrels a day this year, and by a further 700,000 barrels a day in 2005. (The coming energy crisis)
The situation should improve this year and next. Two new oilfields in Saudi Arabia will be ready to pump 800,000 bpd by the end of September, according to the kingdom's oil minister...
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These new developments were commissioned to replace ageing facilities elsewhere, the retirement of which may now be postponed. Both Kuwait and Algeria will also inflate OPEC's supply cushion by the end of the year, according to their oil ministers. (OPEC's symbolic move)
However, the fact that there are additional sources of oil to be exploited does not necessarily mean that oil will be cheap...
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