Saudi Energy Minister Warns Against Depleting Crude Buffers
- Importers are manipulating markets, Prince Abdulaziz says
- OPEC+ cut was justified because of ‘layers of uncertainty’
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Saudi Arabia’s energy minister defended OPEC+’s contentious decision to cut oil production, while criticizing major importers for trying to tame prices by selling down their inventories.
“People are depleting their emergency stocks” and using it “as a mechanism to manipulate markets,” Prince Abdulaziz bin Salman said at the Future Investment Initiative conference in Riyadh. “Losing emergency stocks may become painful in the months to come.”