Thanks Rembrandt. Excellent post. It may be worth asking the IEA how they calculate their OPEC spare capacity number of 5.2 million barrels per day and why their calculation differs from the EIA?

@Buster Cagney

It is not documented how OPEC spare capacity is calculated, Ill see what I can find out by asking the IEA

Rembrandt

Thanks Rembrandt. Apologies for the late reply; I have been traveling. It is an important question which nobody else is asking.