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".

Saudi Arabia's oil minister says oil prices could fall as low as $50 per barrel if OPEC+ keeps overproducing, according to a Wall Street Journal report. Prince Abdulaziz bin Salman's forecast, made during a conference call last week,

The Saudi oil minister has said 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 remarks 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,