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Global Oil Spare Capacity Might Be Reduced
Jun 21, 2018

According to "Gulf Commerce" on June 12, 2018, Reuters News reported that if OPEC and its allies agree to increase crude oil production next week, the global oil industry will face a new low for more than 30 years, making the world's oil prices more vulnerable to supply disruptions. And rise. Standby capacity means that oil-producing countries can start and maintain additional capacity in a short period of time, and provide a buffer for the global market in the event of natural disasters, conflicts or unexpected supply disruptions. If OPEC and its allies decide to increase production at the June 22 meeting, the buffer zone will be reduced from 3% of current global demand to about 2%, which is the lowest level since 1984. Saudi Arabia has expressed its support for raising production at next week's Vienna meeting, but is alert to the squeeze in spare capacity in the market.


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