It's worth remembering that (spare) pumping capacity reflects the amount that can be brought online within 30 days and that can be sustained for at least 90 days.

It's easy to prove the peak has not happened yet (either in KSA or the World) by having at least six consecutive months at or above levels previously established (and simultaneously proving you have the capacity to be the swing player in the oil market). For the KSA, that's 9.6 MMBPD. Globally, that's 74.2 MMBPD (C+C) from May 2005.

The "markets," quite frankly don't believe the situation will improve, as they have been in an extended contango. That may give partial explanation as to why crude oil stocks have continued to increase in the OECD.

But in terms of "days supplied in stock " the difference between the 5-year "low" (and the contemporaneous usage rate) and the current value is less than 14 hours (13.15 currently days versus 12.58 days at the "low" using C+C as the basis).