Oil prices dropped nearly 3% amid expectations of increased production.

The news sparked reactions in the market, adding to the pressure from weak growth in China and rising production in other countries like the United States.

Oil prices fell more than 3% on Thursday after the Financial Times reported that Saudi Arabia, the world’s largest exporter, would abandon its $100-per-barrel price target in preparation for increasing production, along with OPEC members and their allies, in December.

Brent crude futures dropped $1.86, or 2.53%, to $71.60 per barrel, while U.S. West Texas Intermediate (WTI) crude fell $2.02, or 2.90%, to $67.67 per barrel.

Saudi Arabia is set to abandon its unofficial target of $100 per barrel as it gears up to raise production. The report cited people familiar with the matter.

Additionally, two OPEC+ sources told Reuters on Thursday that the group is ready to move forward with a production increase in December, as its impact is expected to be small. This would happen if some members implement additional cuts to offset overproduction from September and subsequent months.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia—collectively known as OPEC+—have been cutting oil production to support prices.

However, oil prices have fallen nearly 6% so far this year, amid rising output from other producers, especially the United States, and weaker demand growth in China.