For decades, energy power has been measured by familiar metrics: the size of a country’s oil reserves, its daily production and the scale of its exports. These indicators continue to shape discussions about global energy politics. Yet they overlook a strategic capability that has become increasingly important in an era of geopolitical instability: the ability to increase production rapidly when the market needs it most. Recent crises have demonstrated that energy influence is no longer determined solely by how much oil a country possesses. It also depends on how quickly that country can respond when supply is disrupted. Reserves matter. But in a crisis, readiness matters more. This overlooked capability is known as spare production capacity—the ability of a producer [...]
