BofA Sees Saudis Embarking on Long But Shallow Oil-Price War
OPEC+'s oil-output hikes are part of a Saudi strategy that will see the kingdom embark on a long but shallow price war designed to recapture market share, Bank of America Corp.'s head of commodities research said.
The producer group, of which Saudi Arabia is the de-facto leader, announced a third output increase of more than 400,000 barrels a day last month, bigger than previously planned. The additions are reversing years of supply curbs that were aimed at keeping prices higher.
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