Message from bin Salman Of demand, bin Salman said definitively, “It’s not weak. People are pretending it’s weak. It’s all a ploy.”
The Saudi Energy Minister has lashed out repeatedly at traders and oil speculators, warning them earlier this year that anyone betting against crude oil would be “ouching like hell”. It is just one of many warnings.
The recent price drop has been blamed by some on weak crude oil demand. But according to bin Salman, some in the oil market have been misreading the cues with increased oil exports from OPEC member countries in recent months, and how it relates to their production.