spare capacity oil prices and the macroeconomy dr bassam fattouh reader in finance management for middle east centre financial studies soas university of london & senior research fellow oxford institute energy 1 end production refining entire supply chain gradual erosion 1500 1000 500 0 2000 2500 3000 3500 4000 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2001 2002 2003 2004 2005 2006 th ou s a nds b p d year to change global demand non opec revised downward may report source iea market outpaced almost every exceptions over period increased by around 17 6 million bpd while increase amounted only 7 9 china factor thousands 300 550 860 150 350 330 980 2320 900
