OPEC'S EVOLVING ROLE: OPEC's 'quiet revolution' of capacity growth to spawn another price slump

This article is a latebreaking adjunct to the special report category. Click here to enlarge imageThe Organization of Petroleum Exporting Countries' productive capacity and capacity utilization have long been an indicator of the stability or vulnerability of the global oil market. Pundits have watched these capacity changes for years, and there has been a flood of interpretive analyses for decades.Capacity is not equal to production. Can one have excess capacity and resist the temptation to cheat? Some have, and some have not. In the 1970s and 1980s, if OPEC capacity utilization exceeded 85%, that was the signal that the price was ready to move up. In the 1990s, OPEC capacity utiliza...

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