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Source: http://af.reuters.com/article/energyOilNews/idAFL2E8HQ7SU20120626?sp=true
World Oil Supply Up But Spare Capacity Tight
(Reuters) World oil inventories have risen over the past two months, aided by increased output from Iraq and Libya, but spare production capacity remains tight, the U.S. government said on Tuesday. Spare production capacity grew in the last two months to 2.4 million bpd, up from 2.1 million bpd, but is still quite modest by historical standards. "This is great news for sanctions supporters and very bad news for the Iranian economy," said a Senate aide. "With oil prices down and markets getting looser, the President and Congress have maximum flexibility to push the envelope with regard to economic sanctions."