Saudi Arabia's Energy Minister has claimed that the latest drop in oil prices has been driven by speculators misreading the market and misunderstanding how strong demand is.
Oil demand is robust—it’s oil speculators that are behind the most recent drop in global crude oil prices, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman has said. 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.
” In a sign of strong demand, China’s independent refinery hub, the Shandong province, asked Beijing for another 3 million metric tons of fuel oil import quotas for the remainder of the year as refiners struggle to raise output. If approved, the request could raise the oil import quota for this year to 19.2 million tons. Oil prices were trading up by 1.17% mid-morning on Thursday, but are down by more than $6 per barrel week over week.
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