OPEC spare capacity to average 2.5M bpd in 2027, EIA says

The US Department of Energy estimates OPEC's spare capacity in 2027 at 2.5 million barrels per day after the United Arab Emirates" withdrawal from the organization.

Report informs that this was stated in a statement by the Energy Information Administration under the US Department of Energy.

Because the UAE has spare crude oil production capacity, the EIA now expects OPEC spare capacity to average 2.5 million b/d in 2027, compared with our previous forecast of 3.8 million b/d, the statement reads.

At the same time, the agency estimates OPEC's spare capacity for 2026 at 0.5 million barrels per day.

The UAE withdrew from OPEC and the OPEC+ group on May 1 this year after nearly 60 years of membership.