The Battle For Oil Market Share Heats Up Within OPEC

The ongoing energy crunch has put a lid on what seemed to be the ideal bull run for this year’s autumn season – OPEC+ has maintained rigorous discipline even after it concluded a new supply cut agreement until end-2022, whilst demand for energy was growing much more robustly than anyone anticipated. Power consumption mandates, production cuts and electricity shortages have, however, become the new reality of October 2021, reshaping the overall market fundamentals of crude. Chinese buying, always presumed to restart at some point later…