Saudi Arabian Energy Minister Khalid al-Falih said on Monday he was concerned about possible shortages of spare crude oil output capacity, although he believes the market is in better shape after the OPEC-led production cuts that started in 2016. Oil prices have surged as the output cut agreement by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, has held. The main global oil benchmarks on Monday hit their highest since late 2014. [O/R] The recent upswing in prices – which has nearly tripled crude values from lows hit in early 2016 – has led to speculation that the output curbs will soon be lifted as countries reliant on oil revenue seek to boost their coffers by raising their exports. “We are concerned about tight spare capacity nowadays … But we feel the industry is in better shape than when we started […]