The oil market is not focusing on the fact that global spare capacity to raise oil production is very low, Saudi Aramco Chief Executive Amin Nasser said at the Energy Intelligence Forum in London on Tuesday.

“(The market is) focusing on what will happen to demand if recession happens in different parts of the world, they are not focusing on supply fundamentals,” he said, putting spare capacity at 1.5% of global demand.
Source: Reuters (Reporting by Shadia Nasralla and Ron Bousso; editing by Jason Neely)