According to a new study published in Energy Journal by experts at the King Abdullah Petroleum Studies and Research Center (KAPSARC), OPEC+ reduced its spare capacity by up to 50% both before and during the COVID-19 pandemic. This reduction in oil price volatility lowered the macroeconomic costs of adjusting to the pandemic and contributed to higher social welfare.
The study “Oil Market Stabilization: The Performance of OPEC and Its…
