Oil traders are daring to defy market kingpin Saudi Arabia | Alex Longley / Bloomberg News

Oil traders are starting to ignore the most important person in the market. It could prove a risky gambit.

Speaking on Sunday, the prince said the Opec+ agreement was about being proactive and precautionary. “I think the physical market is telling us something and the futures market is telling us something else,” he said at the Arab, China Business Conference in Riyadh. “To understand Opec+ today, it’s all about being proactive, preemptive and precautionary.”

China’s Purchasing Manufacturing Index fell to 48.8 last month, a level that undershot expectations and was also the weakest reading since December, when the country was mired in Covid Zero restrictions. Those dynamics are, perhaps, part of why the cuts by Saudi Arabia and its Opec+ allies are having less of an impact.

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