OPEC Reveals Global Spare Oil Capacity Is Shrinking
OPEC Secretary-General Mohammad Barkindo, on Tuesday, disclosed that global spare oil capacity is shrinking.
Barkindo, who spoke at the IHS CERA conference urged producers and companies to increase their production capacities and invest more to meet current demand.
Members of the Organization of the Petroleum Exporting Countries and non-OPEC countries participating in a supply-reduction agreement are on course to reach 100 per cent compliance, he added.
