Saudi Arabia prepares to increase oil production.

According to Financial Times, Saudi Arabia is preparing to increase oil production to regain its market share, even at the cost of lowering prices. The Organization of the Petroleum Exporting Countries (OPEC+) along with its allies is cutting oil production to support prices. However, this year oil prices have fallen due to increased supply and weak demand. Earlier, OPEC+ delayed a planned increase in oil production, but Saudi Arabia intends to increase production even at low prices. The Saudi government has not yet responded to a request for comment. The Kingdom is unwilling to cede market share and is considering other financing options to maintain the period of reduced prices. Last year, Saudi Arabia and Russia entered into a price war due to disagreements over production cuts.