Saudi energy minister warns market speculators to ‘watch out’

Saudi energy minister warns market speculators to ‘watch out’

DOHA — Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman on Tuesday told market speculators to “watch out,” reiterating his warning that they could face pain ahead.

Addressing an energy-focused panel of the Qatar Economic Forum in Doha on Tuesday, the minister warned saying: “Speculators, like in any market, they are there to stay. I keep advising that they will be ouching. They did ouch in April. I don’t have to show my cards, I’m not a poker player ... but I would just tell them, watch out.”

The Qatar Economic Forum, powered by Bloomberg, kicked off in Doha on Tuesday under the theme, “A New Global Growth Story.” The event is discussing several topics on energy, trade, and technology with high-level participants, including heads of state and government, ministers, and CEOs.

While blaming volatility for consumer forecasts and policies, Prince Abdulaziz said that expectations are the cause of most fluctuations in 2022. He warned that short sellers would remain “in pain.” He said that there are three goals for the OPEC + group, which are vigilance, initiative, and hedging of what may come in the future.

The oil minister has previously struck out against price speculators looking to profit off predicting the