It is reported that Saudi Arabia is willing to accept low oil prices and is unwilling to cut supply

Saudi officials are briefing allies and industry experts that the kingdom is unwilling to make further supply cuts to prop up the oil market and can cope with a prolonged period of low prices, five people familiar with the matter said. The possible shift in Saudi policy could indicate that the kingdom is moving in the direction of increasing production and gaining market share, a major change in the five years Saudi Arabia, the leader of the OPEC + group of producers, has balanced the market by cutting production. The cuts have supported prices, which in turn have boosted oil export revenues that many oil-producing countries rely on. Saudi Arabia, angered that Kazakhstan and Iraq are producing more than OPEC + targets, is changing tack after pushing members to stick to those targets and make up for a supply glut in recent months, the sources said.