Economics
OPEC Supply Buffer Shrinks as It Heeds Call to Pump More Oil
- Venezuela collapse, Iran sanctions to leave big supply gaps
- Dwindling spare capacity is a price risk, says Goldman Sachs
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OPEC is heeding consumers’ calls to pump more crude, but that’s only making the oil market more nervous.
The fleeting reassurance that came from Saudi Arabia’s pledge last week to lead a substantial production increase was swept away on Tuesday as tougher U.S. sanctions on Iran shifted focus back to the world’s dwindling buffer of emergency crude supply.