The definition of spare capacity in OPEC is storage. US domestic does not have storage or ability to get stored oil to the global market. Even the SPR can't deliver because of a lack of export facility.
US domestic relies on drilling or completing DUCs to increase production.
And again, they cant control production as the Texas Railroad Commission last did in the 1960's and Texas was the world's swing producer.
Right now, the Saudis are using storage to meet this crisis. OPEC has rules for each producer as to how much oil they must keep in storage.
There is nothing like that in US domestic. US produces oil until price falls low enough to stack rigs. Trying to get all these companies to cut production would be like herding cats. I read Harold Hamm trying to preach financial discipline last week.
i think Cramer is a TV talking personality.
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