Only a handful of OPEC members have available spare production capacity.| Many Non-OPEC producers are also large consumers of crude oil. Of the Non-OPEC producers, only Brazil, the U.S., Norway, and Guyana are likely to increase production in 2022. The oil price rally appears to be cooling off, with oil prices pulling back but still stuck at multi-year highs of $114.52 per barrel for Brent crude and $112.27 for WTI on Friday intraday trading. Recently, we reported that oil prices have been surging after international refiners adopted a self-imposed embargo , with many reluctant to buy Russian oil and banks refusing to finance shipments of Russian raw materials as per an Energy Intelligence report. Refiners and banks have presumably been unwilling to do business with Russia due to the risk of falling under complex restrictions in different jurisdictions, with the BBC reporting that almost 70% of Russian crude oil […]