Saudi Energy Minister Abdulaziz bin Salman warned on Tuesday that market speculators should "watch out" ahead of the OPEC+ ministerial meeting scheduled for June 4.
Speaking at a panel at the Qatar Economic Forum in Doha, the minister argued that "speculators, like in any market, 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."
OPEC+ countries agreed to introduce additional oil output cuts earlier this year in order to "stabilize the market," however oil futures declined between 4% and 7% over the past trimester despite a brief price jump in early April. Still, analysts predict oil prices will near $100 by the end of the year amid global supply decline.
