OPEC Denies Claims of Oil Price Drop to $50

OPEC refuted a Wall Street Journal report suggesting that Saudi Arabia's oil minister warned of oil prices falling to $50 if production cuts weren't adhered to. OPEC clarified that the article's claims of a conference call discussing this topic were false and misleading.

OPEC has categorically denied the accuracy of a Wall Street Journal article that claimed Saudi Arabia's oil minister warned of a potential drop in oil prices to $50 per barrel if production cuts were not maintained.

The organization refuted the report on Wednesday, describing it as "wholly inaccurate and misleading" in a statement.

OPEC emphasized that the alleged conference call mentioned in the article, where the Saudi Arabian Energy Minister purportedly issued this warning, never occurred.

(With inputs from agencies.)