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United Arab Emirates Energy Minister Suhail al-Mazrouei warned on 9 July that the world’s spare oil-production capacity is shrinking each year, with some producing countries already unable to match the volumes they pumped as recently as last month. Al-Mazrouei said current OPEC+ supply hikes are being absorbed by the market without raising inventories, indicating persistent demand for crude and limited slack in the system. The minister cautioned that the erosion of spare capacity leaves the market more vulnerable to supply disruptions.
We are losing world's spare oil capacity year on year, some nations can't produce what they produced last year and even last month - UAE energy minister #oott
UAE Energy Minister Warns That Global Spare Oil Capacity Is Declining Annually, And Some Countries Are Falling Short Of Their Previous Production Levels
UAE Energy Minister: We are losing the world's spare oil capacity year on year, some nations can't produce what they produced last year, and even last month.
