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In a statement by the International Energy Agency (IEA), the organization said oil markets are adequately supplied and "global spare production capacity remains at comfortable levels." IEA estimated the global spare production capacity to be at 3.3 million bpd (2.2 million from Saudi Arabia and 1 million from the UAE, Iraq, and Kuwait). The statement linked the increase of spare production capacity to the oil producers' high compliance with the production cut agreement in the OPEC+ group.

Global Spare Oil Production Capacity Increased to 3.3 Million b/d

In a statement by the International Energy Agency (IEA), the organization said oil markets are adequately supplied and “global spare production capacity remains at comfortable levels.”

IEA estimated the global spare production capacity to be at 3.3 million bpd (2.2 million from Saudi Arabia and 1 million from the UAE, Iraq, and Kuwait). The statement linked the increase of spare production capacity to the oil producers’ high compliance with the production cut agreement in the OPEC+ group.

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