Saudi Arabia is prepared to abandon its $100-a-barrel crude oil price target as it moves to increase output, signaling its acceptance of lower prices.
Saudi Arabia is set to ramp up oil production in a blow to Russian President Vladimir Putin's war machine and his invasion of Ukraine.Saudi Arabia is prepared to abandon its $100-a-barrel crude oil price target as it moves to increase output, signaling its acceptance of lower prices, according to the Financial Times.This decision comes despite earlier production cuts by OPEC+ members, which sought to keep prices high.
The intensifying competition in oil markets could further erode Russia's market share, challenging its financial resilience.Saudi Arabia is facing increased pressure on its oil market strategy as supply from non-OPEC producers like the U.S. rises and demand in China weakens.Despite Brent crude averaging $73 a barrel in September amid regional conflict, Saudi Arabia is shifting priorities.
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