IEA outlook for oil supply too bullish says Calyon

The International Energy Agency's Medium-Term Oil Market Report 2009, released on June 29, was surprisingly bullish on oil supply, according to Christophe Barret, global oil analyst at French bank Calyon.

The report forecast oil supply capacity to grow by 4 million barrels per day (mb/d) during 2008-2014, around 1.5 mb/d less than in the previous outlook a year ago. The report expects the bulk of this growth to come from OPEC crude capacity but Barret says this will be "difficult to achieve".

"OPEC will have difficulty producing what the IEA forecasts in 2010, and despite the revision for non-OPEC production, the numbers still look relatively high when you consider OPEC production cuts that may

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