“The International Energy Agency estimates that OPEC’s total spare capacity is 5.3 million bpd, of which 3.1 million bpd is held by Saudi Arabia, 1.1 million bpd by the UAE, 600,000 bpd by Iraq and 400,000 bpd by Kuwait. The total is equal to about 5.1% of world oil demand, expected by the IEA to average almost 104 million bpd in 2025.” OPEC and Saudi spare oil production capacity [Reuters]