Saudi Arabia's cushion of spare oil capacity would shrink to almost nothing if the kingdom quickly ramps up to 10 million barrels per day (bpd), Goldman Sachs' global head of commodities research said on Monday.
Last week the kingdom said it would unilaterally produce as much oil as the market needed after the Organization of the Petroleum Exporting Countries failed to reach agreement as a whole on output policy.
Saudi newspaper al-Hayat reported Saudi Arabia would boost output to 10 million bpd in July, which Jeff Currie of Goldman Sachs said would leave only 500,000 bpd spare.
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