Report: World spare oil capacity grows, but stocks drop

By REUTERS
December 20, 2012 22:32

 
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WASHINGTON - The world's spare oil production capacity outside of Iran rose slightly in last two months, but a seasonal jump in consumption led to a draw from global stocks, the US government said in a bimonthly report.

In November and December, spare oil production capacity averaged 2.1 million barrels per day, the US Energy Information Administration said, up from 2.0 million bpd from the previous two months, said the report, which is required by last year's Iran sanctions law.

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