Yet, with Opec set to extend output cuts for the rest of the year and potentially into early 2020, its share of the oil market is all but certain to drop below 30% for the first time since 1991.
DUBAI: OPEC members may be weighing oil production cuts again, worried that a slowing global economy will undermine prices, but in the group’s Middle East heartland producers are spending billions to add output capacity for the long term.
As the global oil industry recovers from one of the worst slumps in its history, the biggest international energy companies are keeping their checkbooks closed and tightening up on investment so as to boost returns to shareholders. National oil companies in the Middle East, home to 48% of the world’s reserves, are bucking the trend.
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