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Int'l Oil Prices Last Sink 1.7%; Saudi Reportedly Poised to Give up US$100 Oil Price Target
Saudi Arabia is poised to abandon its unofficial crude oil price target of US$100 per barrel and increase production, the Financial Times reported, citing people with the knowledge...
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Int'l Oil Prices Last Sink 1.7%; Saudi Reportedly Poised to Give up US$100 Oil Price Target
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Saudi Arabia is poised to abandon its unofficial crude oil price target of US$100 per barrel and increase production, the Financial Times reported, citing people with the knowledge of the matter. Oil prices drifted lower during the Asian trading session today (26th), with Brent oil futures and New York oil futures now down about 1.7%, at US$72.23 and US$68.53 respectively.

Saudi officials pledged to resume production as planned on December 1 reportedly, as the kingdom does not want to continue to lose market share to other producers, and believes that the government has sufficient alternative financing tools to maneuver a period of lower oil prices.

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