Will OPEC & Saudi Arabia move to higher oil market volatility?
After several years of relative stability in global crude oil markets, speculation is risi ng that strategic shifts from Saudi Arabia, OPEC, and the larger OPEC+ oil cartel could presage another period of higher market volatility in the months to come.
Will Saudi Arabia increase oil output in 2024?
This strategic pivot became evident recently as Saudi Arabia prepared to increase oil output, aligning with broader OPEC+ decisions to gradually unwind some production cuts starting in December 2024.
Why did Saudi Arabia move to shale oil?
That move was in response to the then-nascent boom in US shale oil production coming mainly from the Permian Basin, the Bakken Shale, and the Eagle Ford Shale. Saudi and other OPEC officials at the time saw this US shale oil cutting into their market share and decided to mount a defense.
Does Saudi Arabia have a strategy to protect global market share?
Saudi Arabia is again signaling a shift in strategy to protect global market share. The last time this happened, an oil bust was the result.