OPEC does not have the additional spare capacity to lift crude oil production much more than it is doing today, Nigeria’s Petroleum Minister Timipre Sylva told Anadolu Agency on Friday. “It is not something that you can open a tap for at this point. You must have the additional capacity, the idle capacity to bring on, but it takes a lot of work and a lot of investment for it to have additional production,” the Nigerian minister told the Turkish news agency in an interview. Many OPEC producers, including Nigeria, are currently pumping at the peak of their capacities, Sylva noted. “If there is anything we can do to produce more, OPEC will be the first to produce more. But unfortunately, this capacity doesn’t exist in most OPEC countries,” he told Anadolu Agency. OPEC is not too happy with very high oil prices because it wants prices at levels […]