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19

Malaysia Produces More and More Oil

A strong supply growth would prevail in the short term, analysts said

Malaysia’s oil output is forecast to continue to grow in the long term after a series of world-class deepwater discoveries, analysts said.

Wood Mackenzie, an international energy and life sciences consultancy firm, demonstarted in its field-by-field research strong supply growth would prevail in the short term, with total global capacity forecast to grow steadily from 86.3 million barrels per day (bpd) in 2006 to 96.7 million bpd in 2010.

Disputing views that any pinnacle was within sight, Wood Mackenzie’s in-depth field-by-field research provides evidence that strong supply growth will prevail in the short term.

In fact, barring unexpected disruptions to production, total global capacity was forecast to grow steadily from 86.3 million bpd in 2006 to 96.7 million bpd in 2010, Broughton said.

The picture for the Asia Pacific region is, however, less bullish with India being the only country to make it to the top 10 contributors to non-Opec oil and natural gas liquids supply growth to 2012.