Saudi Arabia has signalled it is willing to enter a painful price war to assert dominance over other oil producers, but worsening global economic conditions mean the kingdom's standard playbook might be less effective this time around.

OPEC+ stunned the oil market by doubling its planned supply increase and raising prices for Asia, sparking speculation about its motives as prices whipsawed and competitors faltered.

The group agreed to raise output in June, a sign that Saudi Arabia and its allies appear to be weary of cutting output and may be trying to appease President Trump, who has pushed for lower prices.