CERA forecast rise in surplus oil production capacity by 2012
Azerbaijan, Baku, Dec. 20 / Trend , A.Badalova/ Surplus oil production capacity will increase significantly over next few years, reaching 8mln bpd in the period from 2010 to 2012, British consulting association CERA (Cambridge Energy Research Associates) said in a report. According to CERA chairman Daniel Yergin, surplus capacity can grow to 8mln bpd from 2010 to 2012 against 2.4mln bpd in 2008. According to him, once the world economy recovers, surplus capacity will be gradually reduced. CERA forecasts that oil demand in the U.S. will drop by 1mln bpd in 2008, compared to 2007, which is the largest drop since 1981, falling. As a result of 2008, world oil demand will decrease by 300,000 bpd, and in 2009 - by 660,000 bpd. "Even if oil demand is restored in line with economies, there is a risk of a reduction as the energy policies of countries around the world pay more attention to energy utilization efficiency and alternative energy sources," the report says.