Top producers from the Organization of the Petroleum Exporting Countries (OPEC) and their main allies have communicated a range of conflicting signals regarding oil policy, complicating predictions for the upcoming OPEC+ meeting in early June. The market rose by 2% in response to statements from Saudi Energy Minister Prince Abdulaziz bin Salman, whose comments were interpreted by some investors as a signal that OPEC+, which includes allies led by Russia alongside member countries, may consider further production cuts when they meet on June 4 in Vienna.
Short sellers are investors betting on falling oil prices, and they must retreat when an unexpected move by OPEC+ to cut production leads to price increases. Russian President Vladimir Putin, who spoke after Prince Abdulaziz issued warnings to speculators, stated that “oil prices are approaching economically justified levels,” suggesting that there may not be an immediate change in the group's production policy.
Additionally, Russian Deputy Prime Minister Alexander Novak said on Thursday that he "does not expect new actions from OPEC+ when it meets in just over a week," and he added that he expects Brent crude prices to exceed $80 per barrel by the end of the year. Oil prices fell in the wake of Novak's comments.
