Authored by Nick Cunningham via OilPrice.com,
OPEC’s spare capacity is not what it once was, a development that opens up a larger upside risk to oil prices.
A constant feature of the oil market is the prospect of unforeseen supply outages, whether from war, industrial accidents, sabotage, natural disasters or more mundane operational problems.
These outages range from a mere nuisance to a major disruptive event, depending on size, scope and duration of the interruption.
OPEC has often...