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Saudi Energy Minister Blames Speculators for Oil Price Drop
Oil demand is robust—it’s oil speculators that are behind the most recent drop in global crude oil prices, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman has said.
Of demand, bin Salman said definitively, “It’s not weak. People are pretending it’s weak. It’s all a ploy.”
The Saudi Energy Minister has lashed out repeatedly at traders and oil speculators, warning them earlier this year that anyone betting against crude oil would be “ouching like hell”. It is just one of many warnings.
The recent price drop has been blamed by some on weak crude oil demand. But according to bin Salman, some in the oil market have been misreading the cues with increased oil exports from OPEC member countries in recent months, and how it relates to their production.
Salu2
Oil demand is robust—it’s oil speculators that are behind the most recent drop in global crude oil prices, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman has said.
Of demand, bin Salman said definitively, “It’s not weak. People are pretending it’s weak. It’s all a ploy.”
The Saudi Energy Minister has lashed out repeatedly at traders and oil speculators, warning them earlier this year that anyone betting against crude oil would be “ouching like hell”. It is just one of many warnings.
The recent price drop has been blamed by some on weak crude oil demand. But according to bin Salman, some in the oil market have been misreading the cues with increased oil exports from OPEC member countries in recent months, and how it relates to their production.
Salu2
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