Opec+ should focus on market share as oil demand recovers: Moscow

MOSCOW: The alliance of Opec, Russia and other oil producers, known as Opec+, should focus on the global market share for the group’s crude once demand starts recovering from the coronavirus crisis, Moscow said on Wednesday.

Opec+, set up in 2016, has worked to support prices by cutting output. But Russia and others have long complained that this has mainly benefited U.S. producers which have ramped up output and snatched market share.

Russia and Opec member Saudi Arabia spearheaded the latest efforts by Opec+ to cut production by the equivalent of 10 per cent of global supplies from May 1 in a bid lift prices as demand for crude plunged by as much 30 per cent due to global lockdowns.