Saudi Aramco Sets Record $25.6 Bln IPO
State-owned oil giant Saudi Aramco's initial public offering (IPO) will be the biggest in history, but will fall short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman.Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, the company said in a statement, raising $25.6 billion and beating Alibaba Group Holding Ltd's record $25 billion listing in 2014.At that level, Aramco has a market valuation of $1.7 trillion, comfortably overtaking Apple Inc as the world's most valuable listed firm.
Oil Rebounds After Prior Session's Slide
Oil prices rose almost $2 a barrel on Wednesday, bouncing from the lowest levels in months, after U.S. government data showed strong demand for refined fuel, but concerns remained over rising global crude supply.Brent crude futures gained $1.55 to $64.08 a barrel, a 2.5 percent gain, by 1:12 p.m. EST (1812 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $1.89 to $55.32 a barrel, a 3.5 percent gain.U.S. crude stocks rose 4.9 million barrels last week, the Energy Information Administration said, a larger-than-expected increase.
Oil Bounces Above $63 After Slide
Oil bounced above $63 a barrel on Wednesday to claw back some of the previous day's 6 percent plunge, lifted by a report of an unexpected decline in U.S. crude inventories.The American Petroleum Institute (API) said on Tuesday that U.S. crude stocks last week fell by 1.5 million barrels, easing concerns for now that a supply glut is building up."The move yesterday was extremely sharp; after such moves you expect to have some rebound," said Olivier Jakob, analyst at Petromatrix. "The API reported a stock draw - it is not a big one but at least it's not a 10-million-barrel build."Brent crude…
Oil Slumps 7 Percent
Oil prices tumbled about 7 percent on Tuesday, with U.S. crude plunging to its lowest level in more than a year, caught in a broader Wall Street selloff that was fed by rising concerns about slowing global economic growth.U.S. West Texas Intermediate (WTI) crude futures were down $3.90, or 6.8 percent, at $53.30 per barrel by 2:01 p.m. EST (1901 GMT). The contract fell as much as 7.7 percent earlier in the session to $52.77 a barrel, the lowest since October 2017.So far in the session, more than 868,000 front-month WTI contracts had changed hands…
Upset by Trump's Iran Waivers, Saudis Push for Deep Oil Output Cut
When U.S. President Donald Trump asked Saudi Arabia this summer to raise oil production to compensate for lower crude exports from Iran, Riyadh swiftly told Washington it would do so.But Saudi Arabia did not receive advance warning when Trump made a U-turn by offering generous waivers that are keeping more Iranian crude in the market instead of driving exports from Riyadh's arch-rival down to zero, OPEC and industry sources say.Angered by the U.S. move that has raised worries about over supply, Saudi Arabia is now considering cutting output with OPEC and its allies by about 1.4 million barrels per day (bpd) or 1.5 percent of global supply…
Norway Fund to Double Investments in Saudi Arabia
Norway's sovereign wealth fund, the world's largest, plans to more than double its investments in Saudi Arabia after it is included in the fund's reference index soon, Chief Executive Yngve Slyngstad said on Friday.The fund currently has Saudi assets worth 6.9 billion crowns ($825 million), spread over 42 companies including banks, petrochemicals and healthcare firms.The fund's reference index, the FTSE, will include Saudi Arabia in the coming year.The killing of Saudi journalist Jamal Khashoggi after he entered the Saudi consulate in Istanbul has provoked an international outcry and calls for trade with Riyadh to be limited."We invest in companies…
Oil Falls by $2 After Saudi Arabia Reassures Market on Supply
Oil prices fell more than 2 percent on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, reassuring investors ahead of U.S. sanctions on Iran's crude exports that start next month.Benchmark Brent crude oil dropped $2.03 a barrel to a low of $77.80, down 2.5 percent at a one-month low and beneath its 50-day moving average for the first time in two months.U.S. light crude lost $1.77 a barrel to a low of $67.59 before recovering to $67.86, down $1.50."Saudi Arabia's energy minister has dealt a fresh heap of bearish fodder onto the energy complex," said PVM Oil analyst Stephen Brennock.U.S. sanctions on Iranian oil begin on Nov.
Oil Slips Below $80 After Saudi Pledges Rapid Output Rise
Oil slipped below $80 a barrel on Monday as Saudi Arabia pledged to raise its crude production to a record, two weeks before U.S. sanctions potentially choke off Iranian crude supplies.Saudi Energy Minister Khalid al-Falih told Russia's TASS news agency that his country had no intention of unleashing a 1973-style oil embargo on Western consumers, but rather was focused on raising output to compensate for supply losses elsewhere, such as Iran.Falih said Saudi Arabia would soon raise output to 11 million barrels per day (bpd) from the current 10.7 million. He added that Riyadh had capacity to increase production to 12 million bpd.Several U.S.
Oil Falls Below $79 as Rising U.S. Stockpiles Weigh
Oil fell more than $1 a barrel to below $79 on Thursday as the fourth weekly increase in U.S. crude inventories suggested ample supply, while Saudi-U.S. tension and falling Iranian exports lent support.U.S. crude inventories rose 6.5 million barrels last week, the Energy Information Administration said on Wednesday, the fourth straight weekly increase and almost three times what analysts had forecast.Brent crude, the global benchmark, was down $1.07 at $78.98 a barrel at 1330 GMT. It has dropped almost $8 since reaching $86.74, the highest since late 2014, on Oct. 3. U.S.
Oil Prices Fall Ahead of U.S. Crude Stocks Data
Oil prices fell on Wednesday after three days of gains as markets awaited key U.S. inventory data expected to show a build in U.S. crude stockpiles.Brent crude was down 65 cents at $80.76 a barrel by 1325 GMT, after gaining $1.15 over the previous three sessions. The benchmark, which hit a two-week low last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 reached on Oct. 3.U.S. light crude oil was 80 cents lower at $71.12.Official oil inventory data from the U.S. Energy Department's Energy Information…
Oil prices rise on signs of falling Iranian oil exports
Oil prices rose on Tuesday on signs of falling Iran oil exports ahead of U.S. sanctions against Tehran in November, while geopolitical tensions remain over a missing Saudi journalist.International benchmark Brent crude for December delivery rose 9 cents, or 0.1 percent, to $80.87 per barrel by 0032 GMT.U.S. West Texas Intermediate crude for November delivery was up 5 cents at $71.83 a barrel.Iran has exported 1.33 million barrels per day (bpd) to a few countries including India and China in the first two weeks of October, according to Refinitiv Eikon data.That was down from at least 2.5 million bpd in April before U.S.
Oil Steady as Saudi Tensions Balance Demand Outlook
Oil prices steadied on Monday as tension over the disappearance of a prominent Saudi journalist stoked supply worries, balancing concerns over the long-term demand outlook.Benchmark Brent crude oil jumped by $1.49 a barrel to a high of $81.92 before giving up its gains to trade around $80.38, down 5 cents, by 1345 GMT. U.S. crude was down 5 cents at $71.29."Growing tensions over the disappearance of journalist Jamal Khashoggi at the Saudi consulate in Istanbul has proved supportive," said ING commodities strategist Warren Patterson.Saudi Arabia has been under pressure since Khashoggi, a critic of Riyadh and a U.S. resident, disappeared on Oct.
Saudi Arabia Considers Own Nuclear Options after Iran Deal
One likely Saudi Arabian response to the deal its biggest enemy Iran has struck with world powers is to accelerate its own nuclear power plans, creating an atomic infrastructure it could, one day, seek to weaponise. But while it has recently made moves to advance its nuclear programme, experts say it is uncertain whether it could realistically build an atomic bomb in secret or withstand the political pressure it would face if such plans were revealed. "I think Saudi Arabia would seriously try to get the bomb if Iran did. It's just like India and Pakistan.
