namibia, page-26

opec produces 40% of worlds oil
other 60% is reducing output such as north sea oil prodn down by 25% from peak.
i think there is doubt opec can pick up the slack , especially considering emerging economies requirements are spiralling upwards.
and remember a lot of opec is in a bit of a hotspot geopolitically.
it seems to me the saudis are much slower than usual to add to production. why? they have the new large ?kashmira? field that can ramp up to 500000 barrels a day but thats a way off and even that may have no real impact by the time it comes into full production.
interesting times ahead