Global output struggles to meet demand

Meanwhile, growth in new supply was disappointing. A series of late-year disruptions cut the annual gain in non-OPEC crude and liquids output to 1.4 million bpd, compared to a rate of 1.9 million bpd in 2003. Nevertheless, world oil production grew 3.4% last year, to 71.721 million bpd. Much of the gain came from reserve productive capacity that was brought online by OPEC nations in response to soaring demand.

WorldOil