Saudi Arabia's oil minister has warned that oil prices could drop to $50 per barrel if OPEC+ countries do not strictly comply with established production limits.
These statements were perceived as a veiled threat from Saudi Arabia, which is ready to start a price war to protect its market share if other members of the alliance continue to violate the agreements.
Today, at an online meeting, key OPEC+ participants plan to discuss easing production restrictions in December.
After Iran fired missiles at Israel on Tuesday, oil prices went up sharply after a prolonged period of steady decline. Brent crude oil rose by more than 5%, and futures continued to rise on Wednesday, reaching around $75 per barrel.
Nevertheless, the geopolitical tensions that have persisted in recent months have only a limited impact on oil prices. This is causing discontent among the Saudi authorities, as other cartel member countries have been neglecting production reduction quotas for most of the year.
The Saudi Oil Minister highlighted Iraq, which exceeded the limits by 400,000 barrels per day in August, and Kazakhstan, where production is expected to increase with the restoration of the Tengiz field, capable of producing up to 720,000 barrels per day.
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