With the Kingdom’s production currently at 9.5 million b/d, this leaves spare capacity at 1.5 million b/d. The perception of a lack of spare capacity amongst the Organization of Petroleum Exporting Countries was a major contributor to the “fear factor” which sent oil prices soaring this year, as traders feared OPEC would not be able to make up for any production disruptions around the world.
Talking at London’s Chatham House, Naimi said the surge in demand this year took everyone by surpris
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