OPEC+ confronts the next stage in battle for oil market share

AFTER stunning the oil world with a slew of production increases, OPEC+ is preparing to decide its next move at a key meeting on Sunday.

- BLOOMBERG

Saudi Arabia and its partners have yet to decide how to proceed after completing the fast-tracked addition of 2.5 million barrels a day that was finalised at its previous gathering, several delegates said on Wednesday. Bloomberg reported at the time that the group would consider all options going forward including increasing further or maintaining current levels, and that remains the case, according to one of the delegates.

The Organisation of the Petroleum Exporting Countries and its allies shocked the oil market in April with the accelerated revival of a large tranche of halted supply - abandoning years of effort to shore up prices. People familiar with the matter have since said that Saudi Arabia's main objective is to recoup the market share OPEC+ has ceded to rivals like US shale drillers during years of output cutbacks.