Saudi Arabia has grown increasingly frustrated with other oil producers’ failure to comply with the OPEC+ oil output cuts and, while we think that the current deal will remain intact for now, the risk of another price war will grow as demand improves. Over a longer horizon, the coronavirus crisis means that peak oil demand is likely to be reached sooner than previously thought and this may ultimately prompt the Kingdom to rethink its oil policy and revert to its previous efforts to regain market share.
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