Crude supply growth “all but stalls” after 2020, leaving spare capacity of just 2mn b/d, the IEA said on 6 March. The group called on the industry to invest more to increase oil produc- tion capacity and avoid the risk of a sharp increase in oil prices. The projected spare capacity would amount to less than 2pc of global demand in 2022, IEA executive director Fatih Birol said. “You all remember that in 2008, when we had high prices, the share of spare capacity to demand was 4pc,” Birol said at the IHS CeraWeek conference in Houston. “It is an important reason for us at IEA to be worried.”
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