Saudi oil minister warns of $50 oil, calls out OPEC+ members, WSJ reports

The Saudi oil minister says that prices could drop to as low as $50 per barrel if “cheaters” within OPEC+ don’t stick to agreed-upon production limits, The Wall Street Journal’s Benoit Faucon, Summer Said, and Anna Hirtenstein report, citing delegates in the cartel. The statements are being viewed 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, the delegates say. OPEC+ is set to discuss whether to ease production curbs in December at a scheduled online gathering Wednesday. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Shell (SHEL) and TotalEnergies (TTE).