Saudi Arabia Scraps $100 Oil Price Target to Boost Market Share

Saudi Arabia is willing to endure short-term oil price and revenue pain as it is making a U-turn in policy and going to take back market share and ditching its unofficial $100 oil price target, the Financial Times reported on Thursday, quoting sources with knowledge of the latest Saudi thinking. The world’s top crude exporter and leader of OPEC, Saudi Arabia, and its allies in the OPEC+ group have been withholding oil supply for over a year, in a bid to balance the market and prop up prices.

The OPEC+ alliance initially planned to begin unwinding…