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Tuesday, June 18, 2024

Oil has Best Week Since June on Saudi Actions to Defend Market

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Saudi Arabia’s warning to OPEC+ cheaters helped oil prices stage their biggest weekly rally since June, despite a grim start to the week as BP Plc painted a troubling demand picture for the petroleum complex.

Futures in New York rose 10 percent last week following moves 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.

Prices briefly fell as much as 1.6% on Friday following an announcement from Libyan military commander Khalifa Haftar that he will allow crude production and exports to resume.

Haftar controls most of eastern Libya and has halted operations and shipments from his territory as part of a campaign against the internationally recognized Tripoli government. The OPEC member is pumping just 80,000 barrels a day, but produced 1.2 million a day last year.

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