Opec calls WSJ report on oil price drop to $50 ‘inaccurate’

The Organization of the Petroleum Exporting Countries (Opec), led by Saudi Arabia, has denied a media report, calling it “wholly inaccurate and misleading”.

The Wall Street Journal (WSJ) reported on Monday that Saudi oil minister Prince Abdulaziz bin Salman said oil prices could drop to as low as $50 per barrel if Opec+ members do not stick to production limits.

Opec said on the social platform X that the article falsely claimed a conference call took place, during which the minister allegedly issued this warning.

The oil group clarified that no such call occurred, and no Opec+ meeting or teleconference has taken place since the September 5 session.

Opec also refuted an alleged quote attributed to the minister, “some better shut up and respect their commitments toward Opec+,” calling it “entirely unfounded”.

The alleged statements, attributed to unnamed sources, lack any credibility and are completely fabricated, Opec said.

The 12-member group stressed that its meetings, whether in person or via teleconference, are consistently conducted in a civil and respectful manner.

“Therefore, it is deeply concerning that the WSJ would publish such a report, which blatantly disregards the respect owed to Opec+ ministers.”

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Brent crude gained 1 percent to $74.7 a barrel on Thursday morning amid prospects of a widening Middle East conflict. US West Texas Intermediate rose 1.21 percent to $70.95.

The UAE energy minister Suhail Al Mazrouei said on Wednesday that Opec+ was doing a “noble” job of balancing supply and demand in the oil market.

“Without this group, we would be in chaos,” he said.

The Financial Times reported last month that Saudi Arabia – the world’s biggest crude exporter – will have to accept lower crude prices for longer but is resigned to giving up its $100 a barrel target price.

Ole Hansen, head of commodities strategy at Saxo Bank, said the move represented “a major shift in thinking” by Riyadh.

“The outlook for slowing demand growth, not least in China, has probably prompted them to accept a lower price tag for crude and, with that, the need to increase production,” he said.