Oil prices dropped over 3% on Thursday after a report from the Financial Times suggested that Saudi Arabia, the top crude exporter, is preparing to abandon its $100 price target as it plans to increase output, along with other OPEC members, in December. Brent crude fell $1.86 (2.53%) to $71.60 a barrel, while U.S. West Texas Intermediate declined $2.02 (2.90%) to $67.67 per barrel. The report suggests Saudi Arabia is moving away from its $100 target ahead of a potential production increase. OPEC+ sources confirmed plans for an output rise in December, but analysts suggest this will likely lead to a surplus in 2025 and could cause prices to fall further. Despite ongoing production cuts by OPEC+, prices have fallen nearly 6% this year due to increased supply from other producers, especially the U.S., and weak demand growth in China. However, news of a Chinese stimulus package limited further losses.