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

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 31 sec. here
  • 13 min. at publisher
  • 📊 Quality Score:
  • News: 54%
  • Publisher: 92%

Topenergy News

Opec,Cent,Output

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Boeing Strike Could Cost Company Up to $100 Million Per DayA recent strike by Boeing workers represented by the International Association of Machinists (IAM) union could cost the company up to $100 million per day. While the work stoppage won't immediately disrupt commercial flights, it has halted production of Boeing's best-selling airliners. Portfolio manager Tony Bancroft at Gabelli Funds believes this event will be 'more of a blip,' and emphasizes the need for Boeing to prioritize getting production back on track.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »