OPEC said in a statement on Wednesday that a Wall Street Journal article reporting that Saudi Arabia's oil minister had said oil prices may drop to $50 if the group's members do not stick to output cuts was "wholly inaccurate and misleading".

The kingdom called out members for overproducing, in what was seen as a veiled threat of a price war.

The Saudi energy minister warned that oil prices could drop to $50 per barrel if OPEC members continue to exceed their agreed-upon production limits. According to The Wall Street Journal, other OPEC members interpreted this as a veiled threat to initiate a price war.

OPEC rebutted a Wall Street Journal report on Wednesday, calling it wholly inaccurate and misleading in saying that Saudi Arabia's energy minister warned oil prices will drop to $50 per barrel if OPEC+ members do not stick to agreed-upon production limits.

Oil prices could drop to $50 per barrel if OPEC+ member countries do not comply with the agreement to limit production, stated Saudi Arabia’s Energy Minister, Abdulaziz bin Salman, according to The Wall Street Journal.