"Saudi Oil Minister Issues Warning to Market Speculators Ahead of OPEC+ Meeting"
Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, has warned market speculators to "watch out" ahead of the next OPEC+ meeting on June 4. He has previously criticized oil price speculators looking to profit off predicting the output decisions of OPEC+. Several members of the OPEC+ alliance have independently announced they would cut their crude oil production by a combined 1.6 million barrels per day, which briefly boosted prices. However, crude prices have since been depressed due to banking turmoil, recessionary signals, and a slower-than-expected Beijing reopening. Market watchers are now questioning whether OPEC+ will move toward another production decline to crutch prices.