Oil Has Best Week Since June After Saudis Defend Market Recovery
- Khalifa Haftar says oil-sector reopening will spread wealth
- Saudi Arabia promises this week to defend price, buoying crude
Photographer: Trevor Snapp/Bloomberg
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Saudi Arabia’s warning to OPEC+ cheaters and short-sellers alike helped oil prices stage their biggest weekly rally since June, despite a grim start to the week as industry heavyweights painted a troubling demand picture for the petroleum complex.
Futures in New York rose 10% this week following a show of determination by Saudi Arabia, the most influential nation in the Organization of Petroleum Exporting Countries, to defend the market on Thursday. The Saudis hinted they’re prepared for new production cuts, and lambasted OPEC+ members that have cheated on production quotas.