Mideast Gulf countries are forging ahead with their quest for market share, despite signs that they are delaying the point at which the markets rebalance. Opec shows no sign of restraining output, despite expectations that non-Opec supplies could start to increase again next year as new projects come on line. Production rose for a fifth consecutive month in August to a record high of almost 33.5mn b/d. Mideast Gulf output is more than 1.5mn b/d higher than it was in March, boosting the region’s share of global crude output to 33.5pc from just under 30pc at the end of 2014, when Saudi Arabia abandoned its swing producer role.
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