Saudi Arabia’s top energy official issued another warning to oil short-sellers, just over a week before the OPEC+ alliance is due to meet.
Riyadh and its partners surprised crude traders last month by announcing output cutbacks intended to scare off speculators. Money managers have turned bearish again in recent weeks amid fears over the economy.
“I keep advising them that they will be ouching — they did ouch in April,” Saudi Energy Minister Prince Abdulaziz bin Salman said at the Qatar Economic Forum in Doha on Tuesday. “I would just tell them: Watch out!”
