But with only 2 million bpd of spare capacity left, this cushion is wearing thin.
World output inched up to 86 million bpd a year ago only by dint of spigot-opening by OPEC.
Marathon expects to grow output in the Eagle Ford to 80, 000 bpd by 2016.
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They got it in hurricanes Katrina and Rita, which knocked 700, 000 bpd or so off-line.
The field produces just 50, 000 bpd now, but has the potential to do 1.8 million bpd.
The upgraded system would be able to collect as much as 80, 000 bpd once completed mid-July.
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Net increase in domestic production: we have modeled an increase of 1.8 mm bpd.
Exports too have slipped from 1.8 million bpd down to 1.25 million this year.
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The company is targeting average oil sands production of 280, 000 bpd for the year.
Indeed, Russia's output rose by 650, 000 bpd in 2002 and a whopping 800, 000 bpd last year.
The giant Kirkuk oil field is pumping 500, 000 bpd, compared with 850, 000 before the war.
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Maybe for a short period they say their maximum sustainable capacity is 12.5 million bpd.
By the end of last summer, production had risen by another half million bpd.
Back out such substitutes and crude oil volumes have been flat at around 75 million bpd for four years.
Oil imported for export purposes: in 2011, the US exported 0.5 mm bpd in refined petroleum products.
As a result, our estimate of 1.5 mm bpd in oil consumption savings seems reasonable in context.
Lynch points out that global oil production held on standby has climbed to 2.7 million bpd now.
The kingdom has about 4 million bpd of spare capacity and can cushion further blows to production.
Devon is at 600, 000 bpd, while EOG Resources, Marathon and Hess are at around 400, 000.
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Nonetheless, Libyan production is down from the pre-crisis 1.6 billion barrels a day to around 850, 000 bpd.
Russian production levels already challenge the 8m to 8.5m barrels per day (bpd) pumped by Saudi Arabia.
Lynch expects growth to increase less than 1 million bpd this year and 1.4 million bpd in 2007.
Al-Naimi stated that this year, spare capacity will reach 4.5 million bpd upon completion of the Khurais project.
The plan is for Hebron to be putting out 150, 000 bpd of heavy oil (20-degree API) by 2017.
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Saudi production in July was 9.25m bpd, well above its 8.45m quota, but below its 10.5m official capacity.
In August Apache reported that its volumes had reached 749, 000 bpd, up dramatically from 647, 000 bpd the previous year.
The Sunoco plant can process more oil than the Sinclair one, 85, 000 bpd, and it also makes specialty lubricants.
In 2004 China sent out petroripples by pushing up its consumption by nearly 1 million bpd to 7.4 million.
Analysts said that an increase of 700, 000 bpd would only add an estimated 200, 000 fresh bpd to the market.
The Saudis had 1.5 million bpd of spare production capacity--oil spigots on standby--and it was less desirable heavy crude.
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