Oil Production Outages

This plot depicts unplanned oil production outages. The level of unplanned crude oil production outages, how quickly it occurs and the uncertainty of restoring the output have considerable influence on oil prices. OPEC spare capacity is the volume of production that can be brought on within 30 days and sustained for at least 90 days. OPEC spare capacity provides an indicator of the world oil market’s ability to respond to supply shocks.