Global demand for Opec's crude will be lower in 2020 than next year as supply from rivals proves more resilient than expected, potentially fuelling a debate on the merits of its strategy to let prices fall to hurt other producers.
Oil prices rose on Tuesday after the head of Opec forecast a more balanced market next year and the US energy department said domestic output is likely to fall further, though gains were limited as the overall picture of a market in glut remains
Global demand for Opec's crude oil will remain under pressure in the next few years, the producer group said in an internal report, potentially fuelling a debate on its strategy of defending market share rather than prices.
Glass LLC, the glass holding company of Dubai Investments (DI), has targeted aggressive growth across its five subsidiaries in 2015 and aims to boost its 30 per cent market share in the coated glass sector across the GCC countries.
Saudi Arabia's oil minister Ali Al Naimi said on Monday he expects oil demand to pick up in the second half of 2015 while supply decreases, in a sign that the kingdom's strategy of defending market share was working.
The head of Libya's National Oil Corp (NOC) sees higher oil prices and said the company is working to boost output and regain market share taken by other producers.
Speaking on a visit to London, NOC chairm
Saudi Arabia's high crude oil production policy is based on the status of global demand and the top oil exporter is keen to maintain its market share, the kingdom's deputy oil minister said.
Iraq supports the Organization of the Petroleum Exporting Countries (Opec's) policy of defending the group's market share by keeping oil production steady, an Iraqi parliamentary oil official said, despite pressure on the Arab state
Saudi Arabia is prepared to increase its oil output and claim a bigger market share to meet the demands of any new customers, Monday's edition of the Saudi-owned Al-Hayat newspaper quoted the kingdom's oil minister as saying.
Opec’s decision not to cut output is a bold move which is designed to cramp non-Opec suppliers, especially US shale oil producers, a report said, adding that the decision was led by Saudi Arabia in a move to maintain its market share.