Saudi oil minister to address hedge fund managers at Robin Hood gathering

The behind-closed-doors virtual gathering brings together some of the world’s top fund managers — some of them heavily invested in oil markets.

Saudi Energy Minister Prince Abdul Aziz bin Salman has long criticized oil speculators and famously warned them last year not to bet against OPEC exporters.

“I want the guys in the trading floors to be as jumpy as possible,” he said after one OPEC+ meeting.

This year’s gathering coincides with more upheaval in the industry as oil producers face fresh pressures over climate.

Last month Royal Dutch Shell lost a climate lawsuit while Exxon and Chevron faced shareholder revolts which Moody’s said represented a “substantial shift in the landscape for oil companies.”

Oil prices rose nearly 1 percent on Wednesday as falling inventories and a recovery in demand kept the price of crude close to multi-year highs.

“It’s a pleasure to be sponsoring the J.P. Morgan/Robin Hood investors Conference again, and with so much focus on the world’s energy markets, investors will be eager to hear HRH Prince Abdul Aziz, Saudi Energy Minister’s views,” Carlos Hernandez, executive chair of global investment and corporate banking at J.P. Morgan told Arab News.

Hernandez is due to host a fireside chat with the Saudi minister when the conference gets underway later on Wednesday.