IEA doubles forecast for new OPEC oil by 2022 - BBG

According to the International Energy Agency (IEA), OPEC will increase its production capacity by about twice as much as previously thought.

Key highlights (via Bloomberg)

• The Organization of Petroleum Exporting Countries will raise output capacity by 1.95 million barrels a day from 2016 to 2022
• Last year the IEA predicted growth of 800,000 barrels a day from 2015 to 2021.
• The group is building capacity even as it reduces in 2017, in anticipation of higher demand
• Capacity growth is concentrated in the low-cost Middle East, with Iraq leading the gains
• Iraq will retain its position as OPEC’s second-biggest producer, adding 700,000 barrels a day to reach 5.4 million a day in 2022
• Iran will expand capacity by 400,000 barrels a day to reach 4.15 million in 2022