Saudi Energy Minister Abdulaziz bin Salman Al-Saud speaks during the fourth edition of the Future Investment Initiative (FII) conference at the capital Riyadh s Ritz-Carlton hotel on January 27, 2021. AFP
“Speculators, like in any market, are there to stay… but I would just tell them, watch out,” bin Salman said during an energy-focused panel of the forum in Doha.
The Saudi minister has previously struck out against price speculators looking to profit off of predicting the output decisions of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, which meets on 4 June.
On 2 April, OPEC announced that several member countries, including Saudi Arabia, the United Arab Emirates, and Kuwait, would implement voluntary production cuts.
These cuts took effect as of May 2023 and are expected to last until the end of the year. These cuts aim to counter the effects of a scheduled shrinkage in demand.
According to Bloomberg, the per barrel prices of West Texas Intermediate (WTI) and Brent Crude amounted to $73.36 and $77.21 by 7:10am GMT.
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