OPEC’s Barkindo says global spare oil capacity shrinking


OPEC’s Barkindo says global spare oil capacity shrinking

OPEC Secretary-General Mohammad Barkindo said global spare oil capacity was shrinking, adding that producers and companies should 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 percent compliance, Barkindo said on Tuesday during the IHS CERA conference. Read more

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