MOSCOW/LONDON/DUBAI - The Saudi Energy Minister warned traders on Thursday against betting heavily in the oil market saying he will try to make the market “jumpy” and promised those who gamble on the oil price would be hurt “like hell”.
The comments by Prince Abdulaziz bin Salman, OPEC’s most influential minister, came after a virtual meeting of a key panel of OPEC and allies, led by Russia, known as OPEC+. “Anyone who thinks they will get a word from me on what we will do next, is absolutely living in a La La Land... I’m going to make sure whoever gambles on this market will be ouching like hell,” Prince Abdulaziz told a news conference when asked about OPEC+ next steps.To those who want to short the oil market, Prince Abdulaziz had the following warning: “Make my day,” he said in an apparent reference to Hollywood star Clint Eastwood’s expression from the Dirty Harry neo-noir thriller.
The group warned that rising COVID-19 cases in some countries could curb energy demand despite initial indications of a decline in oil stocks.
What is an oil market gambler? Would that be someone who invests in an industry, that by Saudi’s own admission in its push for diversification, is in decline? Or does that mean short term put contracts in the oil futures derivative market?
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