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".

Một giếng dầu tại Kern, California (Mỹ). (Nguồn: AFP)

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

The announcement 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.

Saudi Arabia's Energy Minister stressed: "OPEC+ should have enough courage to pursue the important goals of this bloc in the future."

OPEC+ members are scheduled to hold a meeting on June 4 in the Austrian capital Vienna to decide the bloc's next moves.

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 increase sharply amid a decline 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 faced harsh criticism from the US.

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