Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, the Financial Times reported on Thursday, citing people familiar with the matter.

Oil futures fell on Thursday, pressured after the Financial Times reported that Saudi Arabia was ready to abandon its $100-a-barrel price target as it prepares to increase production in a bid to take back market share.

Oil prices fell Thursday morning, just hours after a new report revealed Saudi Arabia, the world’s largest crude exporter, is considering increasing production later this year. The move comes just weeks after the nation and eight other members of OPEC+ agreed to temporarily pause oil output hikes,