Who Can Boost Supply to Offset Saudi Attack?

Although Kazakhstan is a member of the OPEC+ group, its only supply reduction this year has been the result of planned maintenance at its largest oil fields. August oil production was restricted by maintenance at the country’s largest field, Tengiz, where works were completed in early September. Planned maintenance is now underway at the Karachaganak field until mid-October, which has taken output back down to the average August level. Kazakhstan will not be able to boost crude production until that work is completed.

Angola

August production: 1.4 million barrels a day

Production capacity: 1.53 million barrels a day

Usable spare capacity: 65,000 barrels a day

Angola’s oil production has been crimped by maintenance and by steep decline rates at its offshore fields that have not been offset by new prospects being brought into production. August output was 1.4 million barrels a day, down from 1.53 million in October, but the country would probably struggle to lift output back to that higher level and keep it there for any length of time.

Algeria

August production: 1.02 million barrels a day

Production capacity: 1.07 million barrels a day

Usable spare capacity: 50,000 barrels a day

Algeria has cut output as part of the OPEC+ agreement, although it remains unclear how much of the reduction of about 50,000 barrels a day since November is voluntary and how much, if any, is the result of natural decline at the country’s oil fields.

Oman

August production: 970,000 barrels a day

Production capacity: 1 million barrels a day

Usable spare capacity: 30,000 barrels a day

Oman’s Ministry of Oil and Gas reported production at 970,000 barrels a day in August. That puts its spare capacity at just 30,000 barrels a day, a little more than the 25,000 barrels it agreed to cut under the current OPEC+ deal.

U.S.

August production 12.37 million barrels a day