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Saudi oil minister warns market speculators to 'watch out' ahead of OPEC+ meeting

  • Saudi Energy Minister Prince Abdulaziz bin Salman warns oil speculators to exercise caution to avoid being caught out by OPEC+ decisions as in April.
  • CFTC data shows an increase in short positions in crude oil futures, which could result in a large short squeeze if there is another surprise tightening in OPEC+ oil output in June.
  • The IEA forecasts that a deep supply squeeze is on the horizon, while a UBS note predicts the market will be undersupplied by 1.
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  • 44% of the sources lean Right
44% Right

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Arab News broke the news in Riyadh, Saudi Arabia on Monday, May 22, 2023.
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