His energy minister Catarrh warned today that “the worst is yet to come” for Europe’s oil and gas shortages and argued that a warm winter in recent months had allowed the most significant problems to be avoided.

“If the economy starts to overheat in 2024 because of a normal winter, I think the worst is yet to come,” Saad Al-Kaabi said during the Qatar Economic Forum organized by Bloomberg in Doha, estimating that the Europe “demonizes” the hydrocarbon sector.

At the same conference, its energy minister of Saudi Arabia Prince Abdulaziz bin Salman said today he would make speculators “hurt” and told them to “watch out”, days ahead of a scheduled OPEC+ meeting where they will be decisions on future oil policy.

“Their speculatorslike any other market they are here to stay, I still advise them that they are going to hurt, they hurt in April, I don’t have to show them my cards, I don’t play poker … but I just tell them be careful,” said Abdulaziz bin Salman speaking at the Qatar Economic Forum.

Saudi Arabia, the world’s biggest oil exporter, and other OPEC+ producers announced surprise output cuts in April, boosting prices that had fallen on concerns that a banking crisis could hit demand.

OPEC+ member countries are due to meet on June 4 in Vienna to decide their course of action.