OPEC rebuts WSJ Article on Saudi Saying Oil Prices Could Drop to $50

OPEC rebutted a Wall Street Journal article on Wednesday. It called it inaccurate and misleading, stating that Saudi Arabia's Energy Minister warned oil prices would drop to $50 if OPEC+ member countries did not adhere to production limits agreed upon.

Unidentified delegates of the oil producers' group told the report that they heard Prince Abdulaziz Bin Salman give the warning during a conference last week. According to the WSJ, he singled out Iraq for overproduction.

The article reported falsely that a conference was held in which the Saudi Arabian Minister of Energy allegedly warned OPEC+ member countries about a possible price drop of $50 per barrel if they failed to adhere to agreed production reductions," it said in a posting on X.

OPEC emphasized that there was no conference call last week and no videoconference or call has taken place since OPEC+'s meeting on September 5.

Other producers interpreted the statements as a threat, indicating that Saudi Arabia was willing to wage a price battle to maintain its market share if the other countries refused to abide by group agreements.

The panel of ministers representing the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+ will be convened.

Meet later on Wednesday

No policy changes are expected to be made after the review of the market.

(source: Reuters)