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Free AccessOPEC Spare Capacity (Incl. Iran) Up to 4.9mbpd
OPEC spare capacity (including from Iran) was about 4.9mbpd as of December, according to Bloomberg.
- The actual extra supply available from member nations could be much lower as countries may not be able to raise output by as much as the baseline numbers imply.
- Spare capacity is concentrated in Saudi Arabia at 1.5mbpd, the UAE at 1mbpd and Iraq at 320kbpd. Spare capacity excluding Iran was estimated at 2.4mbpd in October according to Energy Intelligence.
- Production target cuts at the end of 2022 have raised the OPEC+ spare capacity to reduce any potential disruption and upside price risk from unexpected supply issues.
- Under the current OPEC agreement any nation with spare capacity cannot unilaterally increase output to compensate for the shortfall from other members.
Source: Bloomberg
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.