Spare capacity We're seeing a lot about this now. It might be the tag line for 2024. Global demand was 101.5 in 2023. If there's 5+ M in spare capacity, that means we could produce 106-107. That seems unlikely. But if you keep pumping the spare capacity phrase, you create doubt and uncertainty
We repeatedly read last year that the reason that oil was falling was soft Chinese demand. Chinese oil consumption grew 11-12% yoy, hardly soft.