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OIL: Saudi Oil Minister Warns of $50 Oil: WSJ

OIL
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The Saudi oil minister has said oil prices could fall as low as $50/bbl if OPEC+ members do not stick to agreed production limits the WSJ reported on Wednesday, citing delegates within the group.

  • The statements were interpreted by other producers as a threat that it is willing to launch a price war to keep its market share if other countries refuse to abide by the group's agreements, the report said.
  • Fears around Saudi potentially increasing production later this year to defend market share pressured oil markets in September. 
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The Saudi oil minister has said oil prices could fall as low as $50/bbl if OPEC+ members do not stick to agreed production limits the WSJ reported on Wednesday, citing delegates within the group.

  • The statements were interpreted by other producers as a threat that it is willing to launch a price war to keep its market share if other countries refuse to abide by the group's agreements, the report said.
  • Fears around Saudi potentially increasing production later this year to defend market share pressured oil markets in September.