During an address on the sidelines of the Qatar Economic Forum, the minister added that “OPEC+” has 3 objectives, which are “vigilance, initiative and coverage of what may happen in the future”, as he said.
Saudi Arabia, the world’s largest oil exporter, and other “OPEC+” producers announced voluntary production cuts last April, which drove prices higher after a recession sparked by fears of the impact of a banking crisis on demand.
The members of the “OPEC+” coalition will meet on June 4 in Vienna to decide on the follow-up.
On the other hand, the Saudi minister said that the energy agency has proven that it has “a special talent for constantly being wrong”.
Prince Abdulaziz bin Salman also said he would keep short sellers “in pain” and called on them to “be careful”.
He added: “The speculators, like in any market, are here to stay. I constantly tell them they are going to suffer, they suffered in April. I don’t have to reveal my cards, but I will just tell them to beware.”
In another context, Iraqi Oil Minister Hayan Abdul Ghani said on the sidelines of the forum that Baghdad was waiting for a definitive response from Turkey before resuming oil exports from northern Iraq through the port of Ceyhan.
Abdul Ghani added that Turkey had informed its government that it was assessing whether the pipeline had been damaged following the devastating earthquake in February, and that a technical team was assessing the situation.
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