Shafaq News/ On Wednesday, the Organization of the Petroleum ExportingCountries (OPEC) refuted reports suggesting that crude oil prices could drop to$50 per barrel if member nations fail to adhere to production cuts. Theorganization criticized these estimates as "inaccurate and entirelymisleading."
In a statement, OPEC addressed a report by the US-based Wall StreetJournal, which claimed that Saudi Arabia’s oil minister had warned of apotential price drop to $50 per barrel. The statement from OPEC clarified,"The article incorrectly stated that a conference call took place, duringwhich Saudi Energy Minister allegedly warned OPEC+ members of a possible pricedecline to $50 per barrel if agreed production cuts were not followed."
The Wall Street Journal report surfaced following a high-level meetingof OPEC+ ministers, where it was decided to maintain the current oil productionpolicy. The group confirmed plans to begin increasing output in December whileurging certain members to deepen cuts to offset overproduction.
Earlier on Wednesday, ministers from OPEC and its allies, includingRussia, convened online for a Joint Ministerial Monitoring Committee meeting.The committee reiterated the importance of full compliance with the productioncuts and emphasized the need for compensation for overproduction.
In a statement released after the meeting, OPEC said, "The JointMinisterial Monitoring Committee stressed the critical importance of achievingfull compliance and compensation. Additionally, the committee will continue tomonitor market conditions."
Oil prices had dipped below $70 per barrel in September for the firsttime since 2021 but have since rebounded above $75, driven by concerns overpotential disruptions to production amid escalating tensions in the MiddleEast.