Does OPEC+ Really Have Spare Capacity?

In this episode of Energy Newsbeat Daily Standup, Stuart Turley and Michael Tanner break down OPEC+’s shrinking spare capacity, warning that oil prices could spike as the group nears its production limits. They discuss Saudi Arabia’s aging fields, pressure depletion, and the difficulty of restarting shut-in wells. The segment also covers ExxonMobil’s potential return to Iraq’s Majnoon oil field, China’s plan to build 11 new oil storage sites, and the U.S. receiving its first tungsten shipment from Rwanda—marking a move to bypass China in critical minerals. Finally, they highlight President Trump’s approval of a new 211-mile road to Alaska’s Ambler Mining District and Shell’s $600 million hit from canceling its Rotterdam biofuels project, underscoring the contrast between fossil energy resilience and renewable setbacks.

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https://www.linkedin.com/in/stuturley/ and

Twitter: https://twitter.com/STUARTTURLEY16

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Twitter: https://twitter.com/mtanner_1

Timestamps:

00:00 - Intro

00:14 - OPEC+ Has Come Close to Its Limit, Leaving Prices Open to Spike

04:53 - Exxon Considers Return to Iraq: A Potential Re-Entry into the Majnoon Oil Field

06:30 - China to Build 11 New Oil Storage Sites in 2 Years

08:41 - The United States Has Begun Receiving Shipments of Tungsten, Straight from Rwanda, Bypassing China

11:13 - President Trump Approves a 211-Mile Road to Alaska’s Ambler Mining District