It is reported that Saudi Arabia is willing to accept low oil prices and does not want to cut supply.

Five informed sources said that Saudi officials are informing allies and industry experts that Saudi Arabia is unwilling to further cut supply to support the oil market and can withstand long-term low oil prices. This potential shift in Saudi policy could indicate that the country is moving towards increasing production and expanding market share, a significant change for Saudi Arabia as the leader of the OPEC+ oil producing countries group, which has balanced the market through deep output cuts for five years. Production cuts have supported oil prices, thereby increasing export revenue for many oil-producing countries. The sources said that Saudi Arabia is angry about Kazakhstan and Iraq's production exceeding OPEC+ targets and, after pushing member countries to adhere to these targets and offsetting months of oversupply, Saudi Arabia is changing its strategy.