OPEC leaders Saudi Arabia and the United Arab Emirates stand ready to deliver a “significant increase” in oil output should the world face a severe supply crisis this winter, sources familiar with the thinking of the top Gulf exporters said. When the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided on Wednesday to raise oil output by a mere 100,000 barrels per day (bpd), it broke a taboo with a rare reference to the group’s spare production capacity. The statement referred to “the severely limited availability” of spare capacity, saying that meant it needed to kept it in reserve for “severe supply disruptions”. At first glance, that reads as an acknowledgment […]