The 31st OPEC and non-OPEC ministerial meeting, which was held via videoconference on Wednesday, offered several warnings. The 31st OPEC and non-OPEC ministerial meeting, which was held via videoconference on Wednesday, offered several warnings, including the identification of a “severely limited availability of excess capacity”. In the meeting, the group noted that this limited availability of excess capacity “necessitates utilizing it with great caution in response to severe supply disruptions”. The group also warned that “chronic underinvestment” in the oil sector has reduced excess capacities along the value chain and outlined that dynamic and rapidly evolving oil market fundamentals necessitated “continuous assessment” of market conditions. “Insufficient investment into the upstream sector will impact the availability of adequate supply in a timely manner to meet growing demand beyond 2023 from non-participating non-OPEC oil-producing countries, some OPEC Member Countries and participating non-OPEC oil-producing countries,” a statement posted on OPEC’s website noted. […]