Spare capacity is an important cushion for the oil market as it allows producers to quickly respond to unplanned outages that could tighten the market and cause big fluctuations in prices.
OPEC and allies led by Russia, collectively known as OPEC+, have done a “remarkable” job acting as “so-called regulator of the oil market,” says Saudi Arabia energy minister Prince Abdulaziz bin Salman.
Oil and natural gas prices have soared to multiyear highs recently, sending power prices surging to record levels as widespread energy shortages engulf Asia and Europe.
Europe's gas squeeze has shone a spotlight on Russia, which accounts for a third of the region's supplies, prompting European politicians to blame Moscow for not pumping enough.
Natural gas prices are up sharply this year, the result of supply shortages and stronger-than-expected demand in Europe and Asia.
The EIA projects renewable energy use grows to nearly the same level as liquids fuel by 2050, accounting for 27% of 2050 global energy consumption.
Residents could pay almost $3.50 per gallon for heating oil this winter.
Natural gas prices at record highs could provide a potential headwind to oil demand growth, OPEC said.
Gas prices have rallied, but what will be the implications for the North American shale market in the months ahead?
The International Monetary Fund cut its growth outlooks for U.S. and other major economies amid supply chain disruptions and cost pressures.