Saudi Arabia’s oil minister reportedly warned fellow producers that oil could drop to $50 if they don’t comply with agreed production cuts.
The Wall Street Journal reported on the comments made by Prince Abdulaziz bin Salman to other Organization of Petroleum Exporting Countries members.
The report said he singled out Iraq and Kazakhstan in particular.
About half of the oil market is supplied by OPEC members as other countries including the U.S. and Brazil are increasing production.
The comments were reported to have been made before Iran lobbed missiles at Israel, which sent crude prices higher.
Front-month light sweet crude CL00 3.08% was trading at $71.36 a barrel on Wednesday, and it’s traded as low as $65 this year.