The Saudi oil minister has said that oil prices could drop to as low as $50 per barrel if OPEC+ members do not stick to agreed-upon production limits, The Wall Street Journal reported on Wednesday citing delegates from the oil producers group.

The statements were interpreted by other producers as a threat that it is willing to launch a price war to keep its market share if other countries refuse to abide by the group’s agreements, the report said.

Oil prices jump more than 2% as Middle East tensions escalate

Last week, Prince Abdulaziz bin Salman, the oil minister of Saudi Arabia, during a conference call warned fellow producers of the price drop, the report added.

The WSJ cited sources as saying Prince Abdulaziz had singled out Iraq and Kazakhstan for overproduction.

A panel of ministers from the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, meets later on Wednesday to review the market, with no policy changes expected.