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OPEC Credibility On The Line With Talk Of More "Ouching"
Saudi Arabia’s energy minister has warned speculators to “watch out” - an implied threat to cut production again to drive prices higher when ministers from the expanded OPEC⁺ group of exporters meet on June 4. “I keep advising them (speculators) that they will be ouching, they did ouch in April, I don’t have to show my cards, I am not a poker player … but I would just tell them watch out,” Energy Minister Prince Abdulaziz bin Salman said at a conference on May 23. Total hedge fund short positions in the three main Brent and WTI futures and options contracts had more than doubled to 184 million ... (full story)