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Tuesday, January 1, 2008       Free Headline Alerts

Report: Crude oil output declines in Bahrain, Oman, Yemen and Syria

LONDON — Non-OPEC states in the Middle East have been fading as suppliers of crude oil.

The International Energy Agency said non-OPEC states in the Middle East were undergoing a decline in crude oil output, Middle East Newsline reported. An IEA report released on Dec. 14 said the combined output from Bahrain, Oman, Syria and Yemen has dropped from two million barrels of oil per day in 1995 to an expected 1.5 million in 2008. In 2007, the output was 1.6 million.

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"Middle East Gulf OPEC producers will add 1.0 million bpd of crude capacity and a further 1.0 million bpd of gas liquids during 2007 and 2008," the report said. "But their regional counterparts outside OPEC face dwindling reserves and little prospect of significant long-term growth."

The monthly report cited Al Qaida strikes in Yemen, which has blocked oil exploration and development. IAE said Yemeni oil production would drop from 335,000 barrels per day in 2007 to 315,000 in 2008. In contrast, Oman's oil output could rise from the current 740,000 barrels per day to 1 million in 2010.

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