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Under Pressure From Trump, Saudis Put Brakes on Oil's Rally

Javier Blas
Under Pressure From Trump, Saudis Put Brakes on Oil's Rally

The world’s largest oil exporter just made quite a policy swerve. Within six weeks, Saudi Arabia has gone from advocating higher prices to trying to stop the rally at $80 a barrel. The U-turn scrambled the outlook for oil markets, hit the share prices of oil majors and shale producers and set up a diplomatic wrangle with other members of the Organization of Petroleum Exporting Countries.