A battle for oil market share in Asia may be coming to a head as the world’s largest crude producers prepare for peak demand, according to some analysts.
Strong demand out of Asia has provided one of the few bright spots for an otherwise dreary 2020 for oil consumption as governments worldwide impose tougher restrictions to curb the spread of coronavirus ahead of a widespread vaccine rollout. But in the wake of fresh warnings about the end of oil-demand growth, some analysts see a struggle brewing between key exporters like the U.S. and the OPEC+ alliance to gain market share in the region before it’s too late.
