Saudi Arabia is reportedly shifting its oil strategy, aiming to increase production and reclaim market share. This move signals a departure from its previous focus on supporting oil prices through production cuts.
Sources indicate that Saudi Arabia, in collaboration with OPEC+, is looking to significantly increase oil supply in the coming months. This decision is driven by a desire to capitalize on the summer demand in the Northern Hemisphere.
The shift in strategy suggests a fundamental change in Saudi Arabia's approach to the oil market. The country, which has long used production cuts to manage prices, now appears to be prioritizing regaining lost market share amidst a global decline in oil prices.