Opec’s decision to keep production levels up to regain market share was a “half victory”, according to Abu Dhabi Investment Authority global research head Christof Rühl.

The organisation’s policy to keep pumping as oil prices declined 70 per cent from 2014 to below $30 a barrel in January 2016 in order to put US shale oil producers out of business has resulted in a global oversupply.

“If the goal was to regain market share and hurt shale oil producers, to what extent did it succeed? They managed to recoup some market share, but it is half a victory,” said Rühl.

He was speaking at the Platts Middle East Crude Summit in Dubai.

“The policy succeeded in stopping the increase of market share but it didn’t quite succeed in bringing it down.

“Opec’s biggest producer Saudi Arabia did not actually gain market share, despite its attempts. Somebody else gained market share and they’re Iraq and Iran,” he added.

In the two years since Opec’s policy to keep production levels unchanged, Iraq has increased production to 4.4m b/d from 3.3m b/d and Iran, which had nuclear-related sanctions lifted earlier in 2016 has vowed to regain its lost market share.

On 30 November, Opec agreed to cut oil production for the first time since 2008 as it seeks to rebalance the global oil market.