LONDON: OPEC said in a statement on Wednesday that a Wall Street Journal article reporting that Saudi Arabia’s oil minister had said oil prices may drop to $50 if the group’s members do not stick to output cuts was “wholly inaccurate and misleading”.

“The article falsely reported that a conference call took place in which the Saudi Arabian Energy Minister allegedly warned OPEC+ members of a potential price drop to $50 per barrel should they fail to comply with agreed production cuts,” it added in a post on X.—Reuters