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(From Aberdeen Press & Journal)
IN 1985, worldwide production was a little over 60million barrels and yet there was about 10million bbls spare capacity. There was a real cushion in the market.
A year ago, global production was about 85million barrels and there appeared to be about 3.5-4million bbls spare capacity -- most of it in Saudi Arabia.
While demand has been shrinking of late, so too has investment. There is a smugness afoot in the West as oil prices fall, but the Saudis are watching and worrying on their behalf.
Speaking in Vienna on March 18, Saudi oil minister Ali al-Naimi warned of a coming …