Free Republic

Saudi Arabia is prepared to abandon its $100-a-barrel crude oil price target as it moves to increase output, signaling its acceptance of lower prices, according to the Financial Times. This decision comes despite earlier production cuts by OPEC+ members, which sought to keep prices high. Brent crude prices dipped below $70 earlier this month, the lowest since December 2021. Despite this, officials plan to boost production starting December 1, potentially extending a period of reduced prices. This marks a shift from Saudi Arabia's previous focus on price stabilization. Saudi Arabia's ramp-up in oil production, especially if paired with lowered prices,...

WORLD oil prices extended losses today on expectations of warmer weather in the United States, the world's biggest consumer of energy, analysts said. New York's main contract, light sweet crude for delivery in February, dropped US35c to $US57.81 per barrel in electronic trading. In London, the price of Brent North Sea crude for February delivery fell US28c to $US56.01 per barrel. "Crude futures remained under pressure from the mild US weather lowering demand for heating oil," analysts at the Sucden brokerage firm said. Prices were weighed down also by crude output returning to normal in Nigeria after a pipeline attack...