Saudi Arabia’s oil minister reportedly warned fellow producers that oil could drop to $50 if they don’t comply with agreed production cuts.

OPEC rebutted a Wall Street Journal report on Wednesday, calling it wholly inaccurate and misleading in saying that Saudi Arabia's energy minister warned oil prices will drop to $50 per barrel if OPEC+ members do not stick to agreed-upon production limits.

Last week, the Financial Times reported that Saudi Arabia was ready to abandon its unofficial price target of $100 a barrel for crude oil as it prepares to increase output, effectively signaling that it is resigned to a prolonged period of lower oil prices.

Part of the issue is that members are not sticking to their pledged cuts. The Saudi minister called out Iraq, which surpassed its quota by 400,000 barrels per day in August, according to S&P Global Ratings data. Kazakhstan, which overproduced by 120,000 barrels a day, was also singled out.

Oil prices dropped 5% this week due to rising OPEC supply and weak demand from China. Natural gas prices rose on Hurricane Helene and low storage.

Saudi Arabias oil minister has issued a warning that oil prices could fall to $50 a barrel if certain OPEC+ members continue to exceed their agreed production limits, as reported by delegates referenced in The Wall

Crude oil futures ended with small gains. Saudi Arabia oil minister reportedly warned OPEC members that oil could drop to $50/bbl if cheaters failed to comply with agreed production cuts.

The Saudi energy minister warned that oil prices could drop to $50 per barrel if OPEC members continue to exceed their agreed-upon production limits. According to The Wall Street Journal, other OPEC members interpreted this as a veiled threat to initiate a price war.

The Saudi Energy Minister has warned that oil prices could fall to £40 per barrel if OPEC members continue to exceed their agreed production limits. According to The Wall Street Journal, other OPEC members saw these statements as a veiled threat to initiate a price war.