Abdulaziz bin Salman, Saudi Arabia’s energy minister, speaks during a panel session at the Qatar Economic Forum in Doha, Qatar on May 23, 2023.
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Saudi oil minister Prince Abdulaziz bin Salman on Tuesday told market speculators to “watch out,” reiterating his warning that they could face pain ahead.
“Speculators, like in any market, they are there to stay. I keep advising that they will be ouching. They did ouch in April. I don’t have to show my cards, I’m not [a] poker player (…) but I would just tell them, watch out,” he said during an energy-focused panel of the Qatar Economic Forum in Doha.
The Saudi oil minister has previously struck out against oil price speculators looking to profit off predicting the output decisions of OPEC+, which next meets on June 4.
Most recently, several members of the OPEC+ alliance voluntarily — and independently from the group’s broader strategy — announced they would cut their crude oil production by a combined 1.6 million barrels per day. The move briefly boosted prices, which have since surrendered gains. Ice Brent futures with July expiry were up 50 cents per barrel from the May 22 settlement at $76.49 per barrel by 12:05 p.m. London time.
OPEC+, a group of 23 oil-producing nations chaired by Saudi Arabia, in October decided to lower output by 2 million barrels per day in an effort to bolster prices, given concerns over global consumption. The move was met with immediate backlash from the U.S. over the strain on fuel-consuming households.
“We were, as OPEC+, blamed in October, blamed in April. Who has the right numbers? Who gauged the situation in a much more, I would say, responsible way, but attentive way?” Abdulaziz said on Tuesday.
“I think over the last six-seven months we have proven to be a responsible regulatory institution,” he added, remarking that the market is experiencing ongoing volatility and requires OPEC+ to stay proactive and pre-emptive.
In the weeks since April’s…
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