World's spare oil capacity rises, but so do Iranian exports.

Global spare oil output capacity excluding Iranian production rose to 2M bpd in Sep-Oct from 1.8M bpd in the previous two months, Reuters reports, citing EIA estimates. The latest level is historically low but does give Western powers room to continue squeezing Iran over its nuclear program. Despite that pressure, though, preliminary data shows that Iranian crude exports have slightly increased since July.