Saudi Energy Minister Prince Abdulaziz bin Salman has warned fellow OPEC+ ministers that if other producers continue to flout their output quotas in the agreement, oil prices could slump to $50 per barrel, The Wall Street Journal reported on Wednesday, citing OPEC delegates who attended a conference call last week.
The warning from the most influential minister of the OPEC+ alliance was interpreted by other producers as a veiled threat that Saudi Arabia is fed up with quota cheaters and could go for a price war to defend its market share, the Journal’s sources said.
The message from the Saudi minister was that “there is no point in adding more barrels if there isn’t room for them in the market,” a delegate who attended last week’s call told the Journal.
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