OPEC+ Agrees to Small Daily Production Increase

The transcript discusses a meeting with the Crown Prince, focusing on oil and other geopolitical issues. It highlights the impact of Russia's invasion of Ukraine on energy prices and the White House's response. The discussion covers military sales to Saudi Arabia and the UAE, OPEC's oil production, and spare capacity challenges. Libya's oil production is examined, noting its instability due to civil unrest. The transcript concludes with concerns about EU sanctions on Russia and the potential for price volatility.

What does the term 'spare capacity' refer to in the context of OPEC?

What challenges does Libya face in maintaining its oil production levels?