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Saudi Arabia Warns Traders Against Shorting Oil Prices

  • Energy minister says he calls his OPEC+ ‘friends’ every day
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Saudi Arabia’s energy minister warned traders against shorting oil, saying OPEC+ could react quickly to any fall in prices.

OPEC+, a 23-nation group led by Saudi Arabia and Russia, decided on Dec. 2 to raise daily crude 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.