This new productive capacity outlook, which reflects CERA's Reference Case, has been extended to 2015 and incorporates the details of approximately 360 OPEC and non-OPEC projects expected to come onstream through 2010. Our major conclusions arising from this new analysis are

1) Productive capacity will continue to expand through 2015 and could reach 110 million barrels per day.
2) Much of the growth will be concentrated in OPEC and a few non-OPEC countries.
3) The proportion of unconventional liquids, in particular gas-related liquids, will increase significantly through 2015.
4) Aboveground factors will have the greatest impact on the rate of productive capacity increase.
5) Peak oil remains firmly out of sight.

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CERA Reports Online, a wholly owned subsidiary of IHS Energy, is a leading advisor to international energy companies, governments, financial institutions, and technology providers. CERA delivers critical knowledge and independent analysis on energy markets, geopolitics, industry trends, and strategy. CERA's expertise covers all major energy sectors--oil and refined products, natural gas, and electric power--on a global and regional basis.