OPEC+ Transformation Strategy: Prioritize Market Share rather than Price Stability

OPEC+ member states, including Saudi Arabia, Russia and the UAE, are reportedly in talks to increase production by 800,000 to 1 million barrels per day to regain market share from U.S. shale oil and non-OPEC competitors. Analysts warn that the move could exacerbate the oversupply situation as global demand growth is expected to remain at a low of 1.1 million bpd this year, raising concerns about a price pullback amid the structural shift to renewable energy.