OPEC Confirmed our Earlier Message Regarding the WSJ Story: Baseless

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Breaking News: Saudi Minister Warns of $50 Oil as OPEC+ Members Flout Production Curbs

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The WSJ has done it again, publishing baseless story.

Saudi Minister Warns of $50 Oil as OPEC+ Members Flout Production Curbs

Here are a couple of quotes from the story:

“The statements were interpreted by other producers as a veiled threat from the kingdom that it is willing to launch a price war to keep its market share if other countries don’t abide by the group’s agreements, they said.”

“During a conference call last week, Prince Abdulaziz bin Salman, the oil minister of OPEC kingmaker Saudi Arabia, warned fellow producers prices could drop to $50 a barrel if they don’t comply with agreed production cuts, according to OPEC delegates who attended the call.”

According to our sources, the virtual meetings referenced in the story did not take place!

Bottom line: Ignore this story