Battle for Mideast oil market share has already begun
MIDDLE East oil producers have launched a battle to recapture market share lost during the Iran war, setting current and former Organisation of the Petroleum Exporting Countries (Opec) members on a collision course as traffic through the Strait of Hormuz gradually recovers.
The Middle East oil producers are embroiled in a battle to recapture market share lost during the Iran war, with current and former Opec members on a collision course. The conflict has led to a significant increase in crude exports through the Strait of Hormuz, which has been recovering from a blockade imposed by Iran. As a result, global crude supply deficits are expected to narrow significantly, keeping benchmark Brent oil prices elevated at more than US$100 a barrel.
The UAE's withdrawal from Opec to pursue increased production capacity has raised questions about the group's ability to maintain its influence and manage prices through coordinated supply control.
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