Overview

• 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.