Saudi Arabia warns traders against shorting oil prices

OPEC+, a 23-nation group led by Saudi Arabia and Russia, decided on Dec. 2 to raise daily oil 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. "I call my friends every day, we chat and share notes," Prince Abdulaziz bin Salman said in Riyadh, referring to fellow OPEC+ ministers. "So the meeting is truly not suspended. It continues to be in session." That strategy has helped bolster crude prices by making traders warier of taking short positions, according to analysts.