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Saudis warn OPEC+ on oil prices

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The Saudi minister called countries that do not comply with agreements within OPEC+ “cheaters”.

World oil prices could fall below $50 per barrel if OPEC+ members do not adhere to agreed production limits. Saudi Arabia’s Oil Minister Abdulaziz bin Salman said this, The Wall Street Journal reported on Wednesday, October 2.

The Saudi minister called those countries that do not comply with the agreement “deceivers.” Other members of the cartel perceived his words as a veiled threat and a sign of readiness to start a price war to maintain market share, the newspaper wrote.

Of the countries violating the quotas, Abdulaziz bin Salman specifically singled out Iraq. According to S&P Global Ratings, in August this country produced 400 thousand barrels per day beyond the set limit. The minister also pointed to Kazakhstan, whose oil production should increase thanks to the launch of the Tengiz field with a capacity of 720 thousand barrels per day.

“Saudi Arabia has made it clear that there is no point in adding more barrels if there is no place for them in the market, and some people should shut up and stick to their commitments to OPEC+,” said a delegate present at meeting

On Wednesday, OPEC+ monitoring committee ministers will discuss the possibility of easing restrictions in December.

A week ago, the media reported that Saudi Arabia intends to start increasing production by 83 thousand barrels per month. The pace could accelerate if other countries do not comply with agreements under the OPEC+ agreement. Then this news caused a dramatic drop in the price of oil, but now the price of “black gold” is rising again due to the rise of the Middle East.

It also found that Saudi Arabia is lowering oil prices to three-year lows for all regions.

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Source: korrespondent

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