The US Department of Energy estimates OPEC’s spare capacity in 2027 at 2.5 million barrels per day following the United Arab Emirates’ (UAE) withdrawal from the organization.
“Elchi” reports that this is stated in a report by the US Department of Energy’s Energy Information Administration (EIA).
“Because the UAE had spare oil production capacity, we now expect OPEC’s spare capacity in 2027 to average 2.5 million barrels per day, compared to our previous forecast of 3.8 million b/d (barrels per day),” the report noted.
In addition, the agency estimates OPEC’s spare capacity for 2026 at 0.5 million barrels per day.
It should be recalled that as of May 1 of this year, the UAE withdrew from OPEC and “OPEC+” countries after approximately 60 years of membership.