OPEC Holds Output Steady Despite U.S. Market Share Gains as Saudi Arabia Cancels Capacity Increase
• OPEC not recommending changes to output targets, Saudi canceling plans to boost capacity to 13 million bpd • Raises questions if OPEC ceding market share to US shale again in struggle to balance market • Since 2021, US increased production by 2 million bpd while OPEC only boosted 1.2 million bpd • Saudi production is also lower compared to 2021, suggesting loss of market share • Situation looks worse for Saudi Arabia than OPEC overall