Oil prices dropped more than 3% on Thursday, September 26, following a report on Saudi Arabia's plan to abandon its $100/barrel price target. The move comes as oil production in the Middle East is set to increase
On the supply side, domestic crude oil production remained flat at 13.2 million barrels per day during the reporting week. Meanwhile, crude imports increased marginally by 135,000 barrels to 6.5 million barrels per day. Conversely, exports saw a decline of nearly 0.7 million barrels.