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Middle East oil producers gear up for global market share showdown in 2024
A potential market share battle is likely in the global oil market in 2024 as Middle Eastern producers aim to reclaim their positions, according to a Dubai-based analyst. “A potential market share war looms, with Saudi Arabia contemplating flooding the market with supply to drive prices down,” said Vijay Valecha, Chief Investment Officer, Century Financial. “This strategy could compel US producers to scale back, relinquishing some market share,” he added. The market will see significant shifts next year, driven by OPEC production cuts, a growing oil production surge in the US, and potential market share ... (full story)