Ahead of the important OPEC+ meeting, Saudi Arabia suddenly "aims its spearhead" at speculators

On May 23, Saudi Arabia's Energy Minister Abdulaziz bin Salman announced that he would make speculators in the oil market "painful" and warned them to "be careful".

Saudi Arabia warns oil speculators ahead of OPEC+ meeting. (Source: AFP)

The statement comes days before the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, meet to decide on future oil policy.

Speaking at the Qatar Economic Forum in the capital Doha, Minister Abdulaziz said that OPEC+ will continue to be proactive, while implementing "preemptive" measures and preventing possible risks in the future, despite all criticism.

"OPEC+ should have the courage to pursue its important goals in the future," Saudi Arabia's Energy Minister stressed.

OPEC+ members are scheduled to meet on June 4 in the Austrian capital Vienna to decide on the bloc's next steps.

In April 2023, Saudi Arabia, the world's largest oil exporter, and other producers in OPEC+ announced a decision to voluntarily cut production by an additional 1.16 million barrels per day, causing oil prices to rise sharply amid a drop in the price of "black gold" due to concerns that the banking crisis in the US and Europe could negatively affect demand.

OPEC+'s latest decision has drawn harsh criticism from the US.

Source: https://baoquocte.vn/truoc-them-cuoc-hop-quan-trong-cua-opec-saudi-arabia-bat-ngo-chia-mui-nhon-vao-cac-nha-dau-co-228299.html