You were warned...
In 2020, Saudi Energy Minister Prince Abdulaziz bin Salman warned he would “make sure whoever gambles on this market will be ouching like hell.”
Amid the oil price selloffs following the banking sector jitters last month, top OPEC+ officials spent weeks reassuring market participants that the plunge in oil didn’t warrant any tweaks to the production cuts agreement. Until they decided it did. The announcement came when markets were closed, and OPEC+ has undoubtedly bet on a jump in oil prices the moment the markets opened. Oil soared by $6 per barrel on the Monday following the announcement, the biggest single-day surge in prices in over a year.prices, the alliance followed through the proverbial promise of Saudi Energy Minister Prince Abdulaziz bin Salman from 2020, “I’m going to make sure whoever gambles on this market will be ouching like hell.
A combination of fresh longs and short covering boosted the net long position – the difference between bullish and bearish bets – in both crude oil contracts.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
'I gave up heroin six years ago - but I still feel like I'm being punished''I was told I was going to wreck my legs and didn't listen': Woman's agonising symptoms after past returned to haunt her
Weiterlesen »
Saudi- U.S. Relations Sour Further On Huge OPEC+ Surprise Cut | OilPrice.comWith the large production cut and approval of a plan to join the Shanghai Cooperation Organisation, Saudi Arabia has now decisively shifted into the China-Russia sphere of influence
Weiterlesen »
OPEC+ Oil Production Sees Biggest Drop In 10 Months | OilPrice.comOPEC+ oil production plunged in March, led by declines in Russian and Nigerian production.
Weiterlesen »
EIA Expects An Oil Market Surplus Despite OPEC+ Cuts | OilPrice.comThe EIA believes the global oil market will remain in surplus this year and next as demand growth is hurt by lower-than-expected economic growth.
Weiterlesen »
Citi Bucks The Bullish Trend, Bets Oil Prices Will Fall | OilPrice.comCitigroup believes oil prices will dip rather than rally as weaker-than-expected Chinese demand counters the recent OPEC+ cut.
Weiterlesen »
Oil Prices Head Lower In Calmer Trade | OilPrice.comOil prices dipped slightly on Monday morning, as traders attempt to come to grips with what the OPEC+ cut really means for oil markets.
Weiterlesen »