Saudi Arabia threatens to crash oil prices to $50 per barrel - WSJ
Saudi Energy Minister Abdulaziz bin Salman said that oil prices could fall to $50 per barrel if OPEC+ member states do not adhere to agreed production limits.
According to Censor.NET, citing Ekonomichna Pravda, The Wall Street Journal reports.
It is noted that other producers interpreted these statements as a veiled threat from Saudi Arabia that the kingdom is ready to start a price war to maintain its market share if other countries do not comply with the OPEC+ agreements.
Key members of the alliance plan to discuss the possibility of easing production restrictions in December during an online meeting on Wednesday.
During a conference call last week, Saudi Energy Minister Prince Abdulaziz bin Salman warned other producers that prices could fall to $50 per barrel if they failed to implement agreed production cuts.
OPEC delegates who were present at the meeting said that he made special reference to Iraq, which exceeded its quota by 400,000 barrels per day in August, and Kazakhstan, which plans to increase production by restarting the 720,000-barrel-per-day Tengiz oil field.
"There is no point in increasing production if there is no place for it on the market... Some should keep quiet and stick to their commitments to OPEC+," one delegate was quoted as saying.
