Global surplus oil capacity as a share of demand 1973-2021

Surplus oil production capacity accounted for seven percent of total global oil demand in 2021. Surplus capacity is usually lower when oil supplies are low and prices are consequently high. As such, the increase noted in 2020 is due to the drop in oil demand following lockdowns and lower fuel demand due to the coronavirus pandemic. Surplus oil producing capacity is largely found in OPEC member states, with total global surplus capacity amounting to 6.75 million barrels per day in 2021.