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US Department of Energy estimates OPEC's spare capacity in 2027 at 2.5 mln bpd

The US Department of Energy estimates OPEC's available capacity for 2026 at 0.5 million bpd

MOSCOW, May 12. /TASS/. Following the UAE's withdrawal from OPEC, the US Department of Energy estimates the alliance's spare capacity in 2027 at 2.5 million bpd (the previous forecast was 3.8 million bpd), as follows from a report by the US Department of Energy's Energy Information Administration (EIA).

"Because the UAE held spare crude oil production capacity, we now expect OPEC’s spare capacity to average 2.5 million b/d in 2027, compared with our previous forecast of 3.8 million b/d," the report says.

The US Department of Energy estimates OPEC's available capacity for this year at 0.5 million bpd.

On May 1, the United Arab Emirates (UAE) withdrew from OPEC and the OPEC+ format after nearly 60 years of membership. According to TASS calculations based on OPEC data, the UAE's share of OPEC production in 2024 was 11%, and 7.3% of OPEC+ production.

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