Energy forecasters increasingly predict slowing growth in global oil demand in the years ahead, but some OPEC nations are heading in the opposite direction and ramping up their capacity to pump oil. Qatar, for example, is set to raise its oil production capacity early next year from an existing field known as Al Shaheen. The more than $6 billion expansion project brightens the revenue prospects of the Mideast state but highlights a bigger problem brewing for its partners in the Organization of Petroleum Exporting Countries.
After keeping a tight tether on supply in recent years by cautiously investing, the 12 nation cartel finds itself battling an untimely convergence of lackluster consumption that magnifies its own rising supply capacity, which may in turn reignite old battles between members over market share and ultimately push oil prices lower.....Read the entire article.
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