Saudi Arabia pushing hard to gain market share – BBH

FXStreet (Barcelona) - The Brown Brothers Harriman Team note that Saudi Arabia is trying hard to regain market share from the shale industry, with reports suggesting an increase in oil production in the region.

Key Quotes

“Oil prices are trading heavy today after reports that Saudi Arabia has increased its oil production to 9.8 mln barrels per day, the highest level since October. The inference seems to be that they are pushing hard to gain market share and thus corrode the prospects of the shale industry. Later today, the US Department of Energy will release its inventory figures.”