Saudi energy minister Prince Abdulaziz bin Salman has urged oil market speculators to 'watch out.'
OPEC+ ministers will meet to determine their next oil production policy steps on June 4 in Vienna.
Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November.The OPEC+ alliance of oil producers will decide further production policy steps over the weekend, as crude prices reflect an ongoing struggle between supply-demand fundamentals and broader macro-economic concerns.
Group members are expected to coagulate their individual positions and proposals in the 24-48 hours before the meeting, some OPEC+ delegates told CNBC, speaking on condition of anonymity — while public comments so far have been conflicting. Russia's Deputy Prime Minister Alexander Novak later indicated that he expected no further steps from the OPEC+ meeting, but then said his comments were misinterpreted as downplaying an output cut,Russia and Saudi Arabia have been united in their public OPEC+ stance since a March 2020 dispute that led to the one-month dissolution of their oil partnership and an ensuing price war.
A third source said that OPEC+, which prioritizes the state of global inventories over outright prices, would be comfortable with futures above $75 per barrel, while a fourth estimated near $70-80 per barrel. OPEC+ has waded stormy waters for the better part of the year. Oil markets have historically been steered by physical supply and demand fundamentals — which have been increasingly overshadowed by broader macro-economic concerns over the fuel consumption impact of high inflation, bolstering interest rates and the spring collapse of several U.S. and European banks.
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