Sentences with phrase «spare oil production capacity»
According to the US Energy Administration, spare oil production capacity is only about 1 % of current demand, leaving very little room to compensate for supply interruptions or spikes in demand.
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Crude oil prices have continued to rise over the last year due to strong demand by recovering developed economies such as the United States and China, limited spare production capacity in oil producing countries (or unwillingness to add more), and political instability, such as what we are seeing in Libya.
Global oil supply to lag demand after 2020 unless new investments are approved soon New five - year market forecast points to a tight global oil market, with spare production capacity in 2022 falling to its lowest share since 2008 6 March 2017