Global spare oil capacity shrinking – OPEC

OPEC Secretary-General Mohammad Barkindo, on Tuesday said global spare oil capacity was shrinking.

Barkindo, who spoke at the IHS CERA conference urged producers and companies to 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 per cent compliance, he added.