Just how much spare capacity does Saudi Arabia, OPEC+ have?

OPEC+ has delayed a big decision on oil production quotas, but just how much spare capacity does the group and Saudi Arabia in particular have left? Lucien’s One Big Thing is the Saudi-led OPEC+ group of oil producers, which includes Russia, said on Thursday it would stick to its planned oil output hikes in August, basically delaying the decision on future output increases. But is there enough left to make a difference? A new analysis from Javier Blas sheds light on why we don’t know this for sure yet…