Citing sources familiar with the matter, Reuters reported on Friday that Saudi Arabia and Russia see $100 a barrel as a fair price for oil that the global economy can absorb.

"Our focus is straightforward - looking at supplies and demand balances over a period of no less than a year and most often a year and a half," one of the sources told Reuters. "There are too many variables outside of human control, case in point COVID in 2020 and the financial crisis of 2008, so we need to be humble."

Market reaction

Crude oil prices showed no immediate reaction to this headline and the barrel of West Texas Intermediate was last seen trading little changed on the day at $85.