Bank of America announced the beginning of the Riyadh oil price war

Saudi Arabia has launched a prolonged price war to regain its share of the global oil market. This was announced on June 9 by Francisco Blanche, head of Commodity research at Bank of America.

"The price war will not be short and sharp, rather, it will be long and gradual," he said in an interview with Bloomberg TV.

According to the expert, the main opponents of Riyadh are the US oil companies, which operate with higher production costs, clarifies "Газета.Ru ".

Blanch stressed that Saudi Arabia is also working to regain market share from other OPEC+ members.

Dire warning: is the oil market in danger of collapse due to OPEC+ decisions

The collapse of 2014 is unlikely to happen again, experts say

On May 31, it was reported that eight OPEC+ countries agreed on a third consecutive accelerated increase in oil production by 411,000 barrels per day due to the forecast for the stability of global economies and current strong market factors, which is reflected in low commercial oil reserves. Following the meeting, the members of the association noted that "the gradual increase may be suspended or canceled depending on changing market conditions."