The International Energy Agency: OPEC + production below the target of 900,000 barrels

The International Energy Agency said the OPEC Plus group produced in January below the target level of around 900,000 barrels per day, indicating the difficulties some countries are facing in increasing their production.

The agency warned that if the gap between OPEC + production and its target levels persists, it will increase supply-side tension.

The International Energy Agency pointed out that oil stocks, equal to about 2.7 billion barrels, have decreased by 355 million barrels from the levels of a year ago, to reach the lowest levels of the last 7 years. .

The agency indicated that OPEC + actual spare capacity could drop to 2.5 million barrels per day by the end of the year, which is currently less than half of spare capacity.

He warned that spare capacity would be concentrated almost entirely in Saudi Arabia e in lesser extent in the United Arab Emirates.

“These risks, which have broad economic repercussions, can be reduced if Middle Eastern producers who have production capacity in excess offset those needs, “the Paris-based agency said in its monthly oil report.

The agency indicated that actual spare production capacity could drop to 2.5 million barrels per day by the end of the year, which is almost entirely owned by Saudi Arabia and, in to a lesser extent, of the United Arab Emirates.

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