Saudi Arabia to Abandon $100 Oil Target, Increase Production

The kingdom plans to boost output starting December, signaling a shift from prioritizing high prices to regaining market share.

Saudi Arabia will increase oil production from December 1, moving away from its $100-a-barrel price target.
The decision follows a prolonged period of production cuts by OPEC+ aimed at maintaining high oil prices.
Brent crude prices have dropped below $70 per barrel, the lowest since December 2021, amid increased supply from non-OPEC producers.
The move is expected to lower global oil prices further, impacting major oil companies and benefiting consumers with lower petrol prices.
Saudi Arabia's strategy shift may strain Russia's economy, which relies heavily on oil revenues to fund its military efforts in Ukraine.