Saudi minister warns of oil price drop to $50 amid OPEC+ production struggles

OPEC+ members not sticking to their agreed quotas??? No Sh*t!!A story as old as the cartel itself.

Kingdom called out members for overproducing, in what was seen as a veiled threat of a price war

The Saudi oil minister has said that prices could drop to as low as $50 per barrel if so-called cheaters within OPEC+ don’t stick to agreed-upon production limits, according to delegates in the cartel.

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.

Full Story

This article was written by Ryan Paisey at www.forexlive.com.