According to trading data, global oil prices rose by more than 1.5% on Wednesday afternoon following the comments made by the Energy Minister of Saudi Arabia.

The price of July futures for Brent oil increased by 1.54% to $78.02 per barrel, and the price of July futures for WTI oil increased by 1.69% to $74.16.

The day before, Minister Prince Abdulaziz bin Salman criticized the International Energy Agency (IEA) for frequently making incorrect forecasts about the hydrocarbon market. Bin Salman also issued a warning to speculators in the oil market ahead of the OPEC+ meeting, stating, “I would just tell them to be careful.”

Representatives of OPEC+ member countries will meet on June 4 in Vienna to decide on their next steps.

According to Stephen Brennock, an analyst at PVM Oil Associates Ltd, cited by Bloomberg, the markets are evaluating the statements made by the Saudi energy minister.

Earlier we reported a decline in the number of oil rigs in the U.S.