Challenges in production in Angola, Nigeria Investment not seen going to US Aramco’s price hikes larger than expected Global oil inventories have come down to pre-pandemic levels and may face further tightness as OPEC+ spare capacity nears a critical level by the middle of next year, causing “some people angst,” the head of Vitol Asia said Nov. 7. Receive daily email alerts, subscriber notes & personalize your experience. Register Now OPEC+’s gradual approach to output hikes is taking place amid concern about the coalition’s spare oil capacity, which is being challenged by production hiccups at some producers, including Angola and Nigeria, security concerns in Libya and sanctions on Iran and Venezuela. “If there no relaxation of sanctions on Iran, if we continue to see not much coming out of Venezuela and if Libya continues to be troubled, we will very quickly go down to levels [of spare capacity] […]