Russia’s invasion of Ukraine has sent oil prices soaring and could soon deprive oil markets of more than four million barrels of Russian oil. For decades, OPEC has been looked to in times of crisis to stabilize oil markets, and in the coming weeks it is likely the cartel will be called upon again. While it is widely believed that Saudi Arabia and the UAE have some spare capacity, OPEC’s real spare capacity has remained the cartel’s best-kept secret. Russia’s invasion of Ukraine has upended global energy markets and, if stability doesn’t return soon, that could have serious geopolitical consequences for OPEC members. The pre-invasion hydrocarbon markets were almost in equilibrium, as stable global economic growth combined with rational management strategies from the OPEC+ […]