Saudi Arabia's Strategic Move: Flooding the Oil Market to Regain Price Control

Saudi Arabia may flood the oil market with a surge in supply to regain control over prices in response to rising US crude production, according to an energy market expert. While OPEC+ members have pledged voluntary production cuts without firm commitments, Saudi Arabia could potentially increase its output by an additional 2.5 million barrels per day. This move aims to flush out higher-cost producers and regain control over prices, as it did in 2014. The booming US oil supply is seen as a significant challenge for OPEC and Saudi Arabia, with US crude output hitting a record high of over 13.2 million barrels per day in September.