Saudi Arabia ready to abandon $100 crude target to take back market share
Saudi Arabia ready to abandon $100 crude target to take back market share
Oil price falls as kingdom prepares to raise output from December
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$100 crude target
I'm gonna go out on a limb here and say that that probably wasn't a number resulting from a bunch of economists and computers spending a long time crunching numbers to try to produce an optimal target for Saudi Arabia anyway.
Yeah, I think someone in Saudi Arabia looked at the expenses for The Line‡, and then put out a number that sounds nice and would help with that massive outflow; but like you said, didn't trifle with a more realistic target. Meanwhile, Russia is pumping with whatever hasn't been hit by a drone yet, as they can use every ruble they can get; depressing the price.
‡I still can't get over how, instead of building up an industry in Saudi Arabia to vary the economy, instead they went for a vanity mega-project to ... attract tourists?