![](\"http:\/\/www.petroleumworld.com\/images2021\/Saudi_arabia_Abdulaziz-bin-Salman_700.jpg\")
Abdulaziz bin Salman, Saudi Arabia’s energy minister, pauses during a panel session on day two of the St. Petersburg International Economic Forum (SPIEF) in St. Petersburg, Russia, on Thursday, June 3, 2021.<\/p>\n\n\n\n
Bloomberg
Abdulaziz bin Salman, Saudi Arabia’s energy minister, pauses during a panel session on day two of the St. Petersburg International Economic Forum (SPIEF) in St. Petersburg, Russia, on Thursday, June 3, 2021.<\/p>\n\n\n\n
By Matthew Martin and Vivian Nereim \/ Bloomberg News<\/p>\n\n\n\n
RIYADH
Petroleumworld 12 14 2021<\/p>\n\n\n\n
Saudi Arabia\u2019s energy minister warned traders against shorting oil prices, saying OPEC+ could react quickly to any fall in prices.<\/p>\n\n\n\n
OPEC+, a 23-nation group led by Saudi Arabia and Russia, decided on Dec. 2 to raise daily oil output by 400,000 barrels in January. But it kept the meeting open and said it would be able to reconvene at short notice to change course.<\/p>\n\n\n\n
\u201cI call my friends every day, we chat and share notes,\u201d Prince Abdulaziz bin Salman said in Riyadh, referring to fellow OPEC+ ministers. \u201cSo the meeting is truly not suspended. It continues to be in session.\u201d<\/p>\n\n\n\n
That strategy has helped bolster crude prices by making traders warier of taking short positions, according to analysts.<\/p>\n\n\n\n
While oil\u2019s soared about 45% this year with economies rebounding from the worst of the coronavirus pandemic, it slumped more than 10% on Nov. 26, the day after Thanksgiving. That was mainly due to the discovery of the omicron variant.<\/p>\n\n\n\n
Brent crude has since recovered some of its losses, trading around $75 barrel on Monday.<\/p>\n\n\n\n
\u201cThanksgiving was a Thanksgiving day for the speculators,\u201d the minister said. \u201cBut let them dare to do another Thanksgiving. They will be ouching like hell.\u201d<\/p>\n\n\n\n ______________________________________<\/p>\n\n\n\n By Matthew Martin and Vivian Nereim from Bloomberg News Copyright \u00a91999-2021 Petroleumworld or respective author or news agency. All rights reserved.<\/p>\n\n\n\n Petroleumworld.com Copyright \u00a92021 Petroleumworld.<\/p>\n","protected":false},"excerpt":{"rendered":" BloombergAbdulaziz bin Salman, Saudi Arabia’s energy minister, pauses during a panel session on day two of the St. Petersburg International Economic Forum (SPIEF) in St. Petersburg, Russia, on Thursday, June 3, 2021. By Matthew Martin and Vivian Nereim \/ Bloomberg News RIYADHPetroleumworld 12 14 2021 Saudi Arabia\u2019s energy minister warned traders against shorting oil prices, …<\/p>\n![\"\"\/](\"http:\/\/www.petroleumworld.com\/baners_2020\/horizontal_motorola_dec_english_Add-Mineria-04-EN.jpg\")
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bloomberg.com<\/a> 12 13 2021<\/a><\/p>\n\n\n\n