Bloomberg (gated) has the report of remarks from Saudi Arabia’s Prince Abdulaziz bin Salman at an Arab-China business forum in Riyadh.on Sunday:
- Saudi Arabia and its OPEC+ allies are trying to combat “uncertainties and sentiment” in the oil market
The translation of this is that the cartel is trying to combat short sellers.
- “I think the physical market is telling us something, and the futures market is telling us something else … That’s why we keep taking these precautionary measures.”
There is an ungated copy of the report here for more.
Oil output cuts seem to have stopped the falling price for now.
Earlier on oil: