OPEC+, led by Saudi Arabia, has announced scheduled production increases, marking a shift in strategy from depleting excess inventories and driving prices towards $100 per barrel to defending market share. However, there is limited evidence of a long-awaited improvement in the global market that would justify this move. Saudi Energy Minister clarified that OPEC+ has the option to pause or reverse the output increase and is not shifting to target market share. Russia’s Deputy PM Novak stated that OPEC+ can react quickly to changes in the oil market. Reuters reported this development on June 5.
#Opec+ is not shifting to target market share, Opec+ has option to pause or reverse output increase - Saudi energy minister #oott
SAUDI ENERGY MINISTER: OPEC+ HAS THE OPTION TO PAUSE OR REVERSE THE OUTPUT INCREASE.
Saudi Energy Minister clarifies that OPEC+ is not moving to target market share, maintaining current strategy. #OPEC #energy #SaudiArabia
SAUDI ENERGY MINISTER: OPEC+ IS NOT SHIFTING TO TARGET MARKET SHARE.
RUSSIA’S DEPUTY PM NOVAK: OPEC+ CAN REACT QUICKLY TO CHANGES IN THE OIL MARKET.
That's because OPEC+ has pivoted from inventory reduction to market share "There’s limited evidence yet of a long-awaited improvement in the global market that would justify the move." https://t.co/guAR0o0bD4 #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/F127GqhvD7
OPEC+ switches strategy to defend market share https://t.co/zG4B6jz3SC https://t.co/arybaANuBX
OPEC+ Switches Strategy To Defend Market Share https://t.co/UrcACuKOlP
“The scheduled production increases mark a change of strategy by OPEC+, led by Saudi Arabia, which had previously focused on depleting excess inventories and driving prices towards $100 per barrel” — @JKempEnergy https://t.co/t20dAwwNoe