“Saudi Arabia is ready to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, in a sign that the kingdom is resigned to a period of lower oil prices, according to people familiar with the country’s thinking.”
https://x.com/KevRGordon/status/1839260826168971693
This is going to hurt RuZZia.
“However, the kingdom has decided it is not willing to continue ceding market share to other producers, the people said. It also believes it has enough alternative funding options to weather a period of lower prices, such as tapping foreign exchange reserves or issuing sovereign debt, they added.”