Saudi Arabia to Abandon $100 Oil Price Target for Increased Production

Saudi Arabia is reportedly abandoning its target of $100 per barrel for oil to increase production and regain market share, even if it results in lower prices. The Financial Times, citing sources, reports that this decision stems from the country's desire to increase its oil production and reclaim its market share. The decision to abandon the $100 per barrel target is a significant shift for Saudi Arabia, as the International Monetary Fund (IMF) had previously stated that this price was necessary for Saudi Arabia to balance its budget and implement economic reforms. However, the sources suggest that Saudi Arabia possesses other sources of funding to mitigate potential losses from lower oil prices.