for Spare Capacity
Rapidly declining oil exports from Iran, combined with ongoing losses from Venezuela, could put Saudi Arabia’s spare capacity to the test.
The oil market could be sorely tested in the second half of the year and into 2019, unless demand slows, OPEC outages are less than expected, or non-OPEC producers such as the United States, Canada, and Brazil produce higher than forecast.
Saudi Arabia is now producing oil at the highest level in nearly thirty years. Can it still provide cover in the event of a disruption?