Nothing OPEC can do to bring oil down – Purnomo

Indonesian President and Oil Minister Purnomo today states in a short piece from Reuters: “”At the moment there’s nothing we can do. OPEC has spare capacity, however, whatever we do there is no sensitivity in the market”.

He further asserts without elaboration that “OPEC has the ability to add output. There is around 1.5 million bpd of spare capacity. Saudi Arabia has the capability”.

Where is the capacity?

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