Barkindo: Global spare oil capacity shrinking

Secretary-General of Organisation of Petroleum Exporting Countries (OPEC), Mohammad Barkindo, on Tuesday, said global spare oil capacity was shrinking.
Barkindo, who spoke at the IHS CERA Conference urged producers and companies to increase their production capacities and invest more to meet current demand.
OPEC members and non-OPEC countries participating in a supply-reduction agreement are on course to reach 100 per cent compliance, he added.