Why is Saudi Arabia pumping more oil into an already-full market? Riyadh looks fed up with propping up the oil price and losing market share. But launching price wars is becoming more painful. The Saudi-led OPEC+ group will return more than two million barrels a day of oil to the market by the fall if the cartel continues to unwind production cuts at its current rate.

U.S. shale is more vulnerable than in past price wars, needing $65+ WTI to stay profitable amid rising costs and geological limits.

Saudi Arabia is batting down the hatches for a "long and shallow” oil price war, in part to clip the wings of US shale energy companies, the Bank of America’s top commodities expert said.

The Saudi Kingdom is a big hit with ex-pats, with some estimates suggesting around 30,000 British nationals work in the country in a variety of jobs.

First-quarter GDP grew by 3.4% compared to the same quarter of the previous year, beating flash estimates of 2.7% released in May by the Saudi General Authority for Statistics.

Saudi Arabia wants OPEC+ to continue with accelerated oil supply hikes in the coming months as it puts greater importance on regaining lost market share, according to people familiar with the matter.

Saudi Arabia lowered the July price of its Arab Light crude for Asian buyers after OPEC+ decided to accelerate output hikes.

A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and President Trump’s efforts to bring down energy costs.