Saudi Aramco warns that spare oil production capacity is shrinking, a “huge concern”

Saudi Aramco is the world’s largest oil exporter, its head spoke in a Bloomberg interview.

  • said that “spare capacity is shrinking”, adding that it was a “huge concern”.
  • forecast that a pick up in the aviation sector in 2022 could deplete spare capacity
  • “It’s now getting to a situation where there’s limited supply — whatever is left that’s spare is declining rapidly.”
OPEC+ next meet on November 4 and so far there is no indication of an increase in supply beyond what is already planned. A tight market is contributing to high prices, these comments from Saudi Aramco indicate that won’t be changing much soon.
Saudi Aramco is the world's largest oil exporter, its head spoke in a Bloomberg interview.