Global surplus oil capacity 1970-2021, by producing entity
Surplus oil producing capacity in the OPEC amounted to 5.39 million barrels per day in 2021. This was roughly the same volume as the previous year. In 2020, surplus capacity increased notably as a sign of lower oil demand following the coronavirus pandemic. The OPEC member states account for the majority of global surplus capacity, which has historically been a means for the oil producing body to control market prices by capping daily production volumes.