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Saudi Aramco Chief Says World’s Spare Oil Supplies Are Falling Rapidly, Urges Production Investment

A pump jack is silhouetted against the sunset at Naval Petroleum Reserve No.3 (NPR-3) near Casper, Wyoming.
Saudi Aramco's CEO Amin Nasser said that oil-output capacity across the world is dropping quickly and companies need to invest more in production, according to a story in Bloomberg. It’s a “huge concern,” Nasser said in an interview in Riyadh. “The spare capacity is shrinking.”

Report: For Now, OPEC+ Resists Calls by U.S. for Increased Oil Production

Ras Tanura is one of the largest oil shipping ports in the world.
The so-called OPEC+ group of oil producing nations, including Russia, "believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise," a report in Reuters said.
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