Market Insider

OPEC: No draft plan to bring back production quotas

OPEC headquarters in Vienna.
Patti Domm | CNBC

OPEC, in an unusual backlash, insisted Tuesday it has not drafted a strategic plan containing a pessimistic price scenario and a recommendation it return to production quotas.

The Organization of the Petroleum Exporting Countries questioned the accuracy of the article, published Monday by The Wall Street Journal. It says the article made vague and incorrect references to a draft strategy report.

The article was the talk of the markets Monday, and while it did not move prices the story said OPEC does not see a return to $100 oil anytime soon.

The Journal, quoting sources, said it saw a copy of a draft report and said it predicts that oil prices will be about $76 a barrel in 2025 in its most optimistic scenario. The Journal said it also looked at situations where crude oil costs below $40 in 2025.