World Loss of Oil ‘Almost Eliminated’
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WASHINGTON — World producers are replacing lost Iraqi and Kuwaiti oil faster than expected, with the shortfall projected to be less than 1% by December, the Energy Department says.
“The loss of oil due to the Iraq occupation of Kuwait has been almost eliminated,” the department’s Energy Information Administration concluded Wednesday.
The agency said the average worldwide shortfall of crude is expected to be 1.1 million barrels a day this month and will drop to 600,000 barrels a day in November.
The agency projected a shortfall of 400,000 barrels day in December and January. The shortfall should be reduced to about half of that in February through March, said Calvin Kent, the agency’s administrator.
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