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Saudi Arabia to drop $100 crude target to win back market share, FT reports

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Prices are down nearly 5 per cent so far this year, amid increasing supply from other producers, especially the United States, as well as weak demand growth in China

Saudi Arabia is preparing to abandon its unofficial $100 a barrel oil price target as it gets ready to raise output to win back market share, even if it means lower prices, the Financial Times reported on Thursday.

Earlier this month, OPEC+ agreed to delay a planned oil output increase for October and November after crude prices hit their lowest in nine months, saying it could further pause or reverse the hikes if needed. OPEC+ oil output is equal to 48 per cent of world supply, according to Reuters calculations based on IEA figures. Saudi Arabia’s crude output is below 10 per cent of the world market, while U.S. oil output has risen to 20 per cent of world supply.

OPEC+ members are currently cutting output by a total of 5.86 million b/d, equivalent to about 5.7 per cent of global oil demand.

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