Algeria -0.5%, Angola -.8%, Iran -2.4%, Iraq +1.8%, Kuwait 0%, Libya -1.7%, Nigeria -.5%, Qatar -.4%, Saudi Arabia +.2%, UAE +.4%, Venezuela -1.8%, +US 6.1%, Russia -.4%.
While Saudi Arabia and Russia have capped their output in the past couple of years, their world market share has not changed meaningfully over the last 10 years. In contrast, US shale oil producers have captured a larger global market share, at the expense of other producers such as Iran, Libya and Venezuela.
Saudi Arabia cuts official selling prices for its oil by the most in 20+ years and aims to increase production to over 10 million barrels per day by April from 9.6 million barrels per day.
The "wild card" in oil prices and production is how long the demand shock in oil will continue to depress prices due to the corona virus. People are not traveling as much around the World and in remains to be seen how long people will continue to stay home and not travel.
Will oil go below $30 which is a key price for shale oil drillers and how long will it stay there? Saudi Arabia is selling oil at $25 currently to undercut the market?