Saudi is prepared to ditch its unofficial oil price target of $100 per barrel, people familiar with the kingdom's thinking told The Financial Times
Saudi is ready to increase production in December even if the move results in low oil prices for a prolonged period, people told The Financial Times.U.S. crude oil prices fell nearly 3% on Thursday on a report that Saudi Arabia is committed to pressing ahead with production increases later this year.
Saudi is prepared to ditch its unofficial oil price target of $100 per barrel, people familiar with the kingdom's thinking told. Saudi officials are ready to increase oil production in December even if the move results in a prolonged period of low oil prices, the people said.Prices are also under pressure on the expectation that oil production will rise in Libya. Factions in the North African country reached a deal Wednesday to appoint a new central bank governor.
The prospect of rising production is set against a backdrop of soft demand in China, the world's largest crude importer and second-largest consumer. Oil prices rallied earlier in the week after Beijing announced a new stimulus package.Morgan Stanley cuts oil forecast, says traders are pricing in a demand slowdown similar to mild recession
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