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10 June | Oil

Saudi Arabia heightens competition on oil market — Bank of America

Brent
WTI Light Crude Oil
Saudi Arabia heightens competition on oil market — Bank of America

According to recent statements by Bank of America Corp's Head of Commodities Research, the OPEC+ alliance's oil production increase, including Saudi Arabia's participation, could intensify market competition. The expert believes the key motive behind these changes is the group's ambition to reclaim its share of the energy market.

Last month, the oil-producing alliance—de facto led by Saudi Arabia—announced its third production boost exceeding 400,000 barrels per day, surpassing previously planned volumes.

Francisco Blanch of Bank of America suggests this OPEC+ move represents a deliberate, long-term strategy primarily designed to pressure higher-cost US shale producers. The approach already shows results: Baker Hughes Co. data reveals US active rig count has plunged to a four-year low.

Elizaveta Kuzmicheva MarketCheese

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