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

Part of the issue is that members are not sticking to their pledged cuts. The Saudi minister called out Iraq, which surpassed its quota by 400,000 barrels per day in August, according to S&P Global Ratings data. Kazakhstan, which overproduced by 120,000 barrels a day, was also singled out.

The Organization of the Petroleum Exporting Countries on Wednesday said it refuted a Wall Street Journal report that Saudi Arabia’s oil minister Prince Abdulaziz bin Salman warned fellow producers that oil could drop to $50 a barrel if they don’t comply with agreed production cuts.