OPEC Warns of Severely Limited Excess Capacity of Oil

By Alex Mills August 6, 2022 -- The shortfall of global oil supplies sent prices up more than 50% this year, and the group of oil exporting countries warned this week the shortage probably will continue beyond 2023. The Organization of Petroleum Exporting Countries (OPEC) and its non-member partners, which includes Russia (the second largest oil exporting country), met Wednesday and increased its projected production level 100,000 barrels per day (b/d) to 43.955 million b/d. “The meeting highlighted with particular concern that insufficient investment into the upstream sector (exploration and production) will impact the availability of adequate supply in a timely manner to meet growing demand beyond 2023 from non-participating non-OPEC oil-producing countries, some OPEC member countries and participating non-OPEC oil-producing countries,” OPEC said in a news release. The warning from OPEC noted that the “severely limited availability of excess capacity.”...  
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