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OPEC spare capacity in the first quarter of 2012 at lowest level since 2008

TODAY IN ENERGY: Thursday, May 24, 2012

OPEC spare capacity in the first quarter of 2012 at lowest level since 2008

EIA estimates that global spare crude oil production capacity averaged about 2.4 million barrels per day (bbl/d) during the first quarter of 2012, down about 1.3 million bbl/d from the same period in 2011. Spare capacity can serve as a buffer against oil market disruptions, and it gives the Organization of the Petroleum Exporting Countries (OPEC) additional political and economic influence in world markets.

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