Our new report, titled Global Surplus Crude Oil Production Capacity, provides estimates of global surplus crude oil production capacity in both OPEC countries and non-OPEC countries. Preliminary estimates for these data show that, as of May 2022, surplus capacity in non-OPEC countries decreased by 80% compared with 2021. The data show that, in 2021, 1.4 million barrels per day (b/d) of surplus production capacity was available in non-OPEC countries, about 60% of which was in Russia. As of May 2022, we estimate that all surplus production capacity in Russia was eliminated due to the sanctions implemented after Russia’s full-scale invasion of Ukraine. We determined that excess oil production capacity declined in other non-OPEC producing countries as well. We estimate that, as of May 2022, producers in non-OPEC countries had about 280,000 b/d of surplus production capacity.
24 June 2022
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