Live coverage of business, economics and financial markets as investors consider risk of disruption to energy supplies as conflict spreads
Oil prices may be up today, but Saudi Arabia is warning that prices could fall as low as $50 per barrel, the Wall Street Journal reports.
The reported comments came ahead of an online meeting on Wednesday of the Organization of the Petroleum Exporting Countries and allies, an oil cartel described as Opec+ that controls a large proportion of global supplies.
During a conference call last week, Prince Abdulaziz bin Salman, the oil minister of OPEC kingmaker Saudi Arabia, warned fellow producers prices could drop to $50 a barrel if they don’t comply with agreed production cuts, according to OPEC delegates who attended the call.
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