Weak Oil Demand Could Spark Another Market Share Showdown

Saudi Arabia, the world’s top oil exporter and the main force behind the OPEC+ production cuts, faces a too familiar dilemma just four months into the new collective agreement to curtail output in order to rebalance the market crushed by the pandemic-driven demand crash.   The global oil demand recovery seems to have stalled just as OPEC+ starts to ease the production cuts by 2 million barrels per day (bpd) as of August 1. OPEC’s leader finds itself in an all-too-familiar position: should it try to regain its own market share…