OPEC to add 11 mbpd capacity

Iraq to be top investor in capacity expansion; Saudi Arabia second

OPEC is expected to add nearly 11 million barrels per day to its production capacity by 2020 and Iraq could be the top investor in these projects that will cost nearly $84 billion, according to an independent study.

Between 2007 and 2010, capacity additions in the 12-nation Organisation of Petroleum Exporting Countries are projected at around 3.5 million barrels per day while they could soar to 7.5 million bpd between 2010 and 2020, said the study by the London-based Centre for Global Energy Studies (CGES).