The oil market is not focusing on the fact that global spare capacity to raise oil production is very low, Saudi Aramco’s Chief Executive said on Tuesday, with Shell’s Chief Executive saying investments will not shift because prices are high. “(The market is) focusing on what will happen to demand if recession happens in different parts of the world, they are not focusing on supply fundamentals,” Aramco Chief Executive Amin Nasser said at the Energy Intelligence Forum in London. Putting spare capacity at 1.5% of global demand, he added that providing a buffer of spare capacity, which will be used up the moment China’s economy opens up from coronavirus restrictions, was not just the responsibility of Saudi Aramco. […]