The largest producing countries in the Organization of the Petroleum Exporting Countries (OPEC) and some of its allies have excess production capacity as a result of its decisions to reduce supplies to the global market.
The IEA estimates that Russia has sustainable capacity, or capacity levels that can be reached within 90 days and sustained over a long period, of up to 9.8 million barrels of oil per day, not including gas condensate.
Spare capacity levels, or the market’s assessment of the level of available spare capacity, can affect global oil prices. Some analysts have suggested that abundant spare capacity acts as a price disincentive, according to Reuters.
The agency also said that Russia’s supplies of crude oil amounted to 9.11 million barrels per day in both August and September, compared to its share according to the OPEC+ production agreements of 8.98 million barrels per day.
OPEC said on Monday that Russia reduced crude oil production in September by 28,000 barrels per day to about nine million barrels per day.
