Saudi Arabia Warns Oil Prices Could Drop to $50

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…