Petroleum Review – Editorial – March 2005

Was 2004 demand so exceptional?
…
With quite limited spare capacity, any incremental demand in 2005 will largely have to be met by new capacity coming onstream. In fact, significant volumes of new capacity are due onstream this year, with four out of the 22 major new projects due for start-up in 2005 already onstream. However, although the gross capacity additions in 2005 are quite large, the IEA’s view is that net capacity additions will be just under 1mn b/d for non-Opec and up to 1mn b/d for Opec, of which 440 kb/d will be from NGLs.

Energy Institute