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Monday, May 27, 2024

Saudi Arabia’s energy minister warns speculators ahead of OPEC+ meeting

Saudi Arabia’s energy minister warns speculators ahead of OPEC+ meeting

Saudi Arabia’s energy minister Prince Abdulaziz bin Salman has vowed to keep short sellers “ouching” and told them to “watch out,” days before a planned meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to decide on future oil policy, according to Reuters.
“Speculators, like in any market they are there to stay, I keep advising them 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 told the Qatar Economic Forum.

Saudi Arabia, the world’s largest oil exporter, and other OPEC+ producers announced surprise voluntary cuts in April that lifted prices after a slump driven by concerns that a banking crisis could impact demand.

OPEC+ members are due to meet on June 4 in Vienna to decide on their next course of action.

The April cuts were described as “inadvisable” by Washington, which had also been critical of the group’s decision to cut production in October.

The minister said the alliance would continue to be proactive, preemptive and hedge against what may come in the future, regardless of any criticism.

“We should be brave enough to attend to the future without continuing the so-called ‘kicking the can’ policies, those policies that may allow us to fend the situation for this month, next month or the month after but with that we are losing sight of our intentions and our more important objectives,” he said.

Saudi-US relations

Saudi Investment Minister Khalid Al-Falih also addressed the forum, and said the US remains the Kingdom’s “biggest partner in terms of capital flow.”

Al-Falih explained the US will continue to have significant influence in innovation and technology development, and its financial markets will remain dominant.

The minister also flagged up China as playing a key role in investments, describing it as “increasingly looking at the Kingdom as an investment platform as it evolves its own development plan.”

Al-Falih added: “So there is no there’s no decoupling in any sense.”

Additionally, the minister also mentioned how Saudi’s Gulf Cooperation Council colleagues have contributed to global well-being and development through the supply of energy over many decades.

“Saudi Arabia last year registered 31 percent growth in capital formation in the economy,” Al-Falih said.
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