Hong Kong, London, New York Shortlisted for Aramco IPO
Saudi Arabia has shortlisted New York, London and Hong Kong - singly or in a combination of two or even all three - for the international portion of the listing of national oil company Aramco, two sources with knowledge of the discussions said. The initial public offering (IPO) will also include the Saudi stock exchange…
Aramco converted to Joint-Stock Firm Ahead of IPO
The change is a customary step in IPO preparations; Aramco IPO said to be on track for 2018. Saudi Arabia has changed the status of its national oil giant Aramco to a joint-stock company as of Jan. 1, in a key step for an initial public offering (IPO) planned for later this year. The sale of up to 5 percent of Saudi Aramco…
Saudi Aramco Seeks IPO Bookrunners, Coordinators
State oil giant Saudi Aramco is seeking proposals from bankers before the end of the year for roles of bookrunners and global coordinators for its initial public offering (IPO) planned for 2018, two sources close to the matter said. The plan to float about 5 percent of Aramco is a centrepiece of Vision 2030…
U.S. Energy Chief Discussed LNG Exports with Saudi
U.S. Energy Secretary Rick Perry said on Wednesday that he has held discussions with Saudi Arabian officials on possible exports of liquefied natural gas (LNG) from the United States into the kingdom. Perry was speaking at an industry conference in Abu Dhabi, part of his first official visit to Saudi Arabia, the United Arab Emirates and Qatar this week.
Saudis Push for Extension of OPEC Cuts
Riyadh favours nine-month extension, decision on Nov. 30. Top crude exporter Saudi Arabia is lobbying oil ministers to agree next week on a nine-month extension to OPEC-led supply cuts, sources familiar with the matter said, as Riyadh seeks to ensure a price-sapping glut is eradicated. The Organization of the Petroleum Exporting Countries…
Brent Oil Stays Above $60
Brent oil held above $60 a barrel on Monday, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond March although rising Iraqi exports put a lid on prices. Brent crude futures were up 10 cents or 0.2 percent to $60.54 per barrel at 1:39 p.m. EDT (1739 GMT), close to its highest level since July 2015. U.S.
Brent Holds Above $60 on Expected Output Cut
Saudi Arabia, Russia favour extending oil output cuts. Brent oil held above $60 a barrel on Monday, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond March although rising Iraqi exports put a lid on prices. Benchmark Brent crude futures were 7 cents higher at $60.51 per barrel at 1050 GMT…
Brent Crude Oil Edges Away from $60 Threshold
Oil prices fell on Friday after Brent rallied to just below $60 a barrel the previous session but support from Saudi Arabia's crown prince for extending OPEC-led output cuts created a floor. Brent fell 38 cents to $58.92 a barrel by 1215 GMT, after Thursday's rise to $59.55, its highest since July 2015 and more than 30 percent above its 2017 lows touched in June.
OPEC SecGen: Saudi, Russia Remarks "clear fog"
The fog has cleared ahead of OPEC's next meeting, with Saudi Arabia and Russia clearly stating support to extend a global deal to cut oil supply for another nine months, OPEC's secretary general told Reuters on Friday. The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers…
Brent Crude at 27-month High Even as U.S. Exports spike
Saudi Crown Prince takes bullish stance on supply cut deal; U.S. crude inventories show surprise build even as crude exports hit new record four-week average. Brent crude closed at a 27-month high on Thursday as the market focused more on comments from Saudi Arabia about ending a global supply glut instead of an unexpected increase in U.S.
Saudi Aramco IPO on Track for 2018
A plan to list Saudi Aramco in 2018 is on track, senior Saudi officials said in Moscow on Thursday, as Saudi Arabia gears up to sign a string of investment agreements with Russia. The plan to float around 5 percent of Aramco in an initial public offering (IPO) is a centrepiece of Vision 2030…
Aramco Listing Reshapes Saudi's OPEC Policy
Saudis were ready to quit OPEC unless output cut agreed. Saudi Arabia's plans to float state oil titan Aramco are prompting the country to think the unthinkable. Late last year, Saudi Arabia tried to get fellow oil producers around the world to agree to reduce production. Before an OPEC meeting in Vienna in November…
Saudis Favor New York for Aramco Listing
New York float would demand more disclosure than London; NYSE would give Aramco access to larger pool of capital. Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters.
Saudi, Iraqi Talks Focus on OPEC Pact, Possible Investments
Saudi Arabia's Energy Minister Khalid al-Falih said on Thursday that talks with his Iraqi counterpart stressed the need to strengthen commitment to a OPEC-led agreement to reduce crude output. "The talks... came out with an agreement in the vision between the two countries aimed at ensuring the…
Saudi Arabia Eases Austerity Just as Oil Prices Decline
Saudi Arabia’s decision to reverse some of last year’s austerity measures coincides with a renewed decline in oil prices and complicates the financial and economic outlook for the kingdom. All allowances, bonuses and financial benefits for civil servants and military personnel cancelled, amended…
Cartel or Talking Shop? OPEC awaits Saudi Edict
Poorer members still hope for a quick price bounce, but OPEC likely to roll over policy with no output target. For those seeking guidance on Saudi Arabia's thinking regarding the future of OPEC, the last few weeks' agenda of the new Saudi energy minister, Khalid al-Falih, might offer a few clues.
Kemp: Saudi Arabia Turns Oil Weapon on Iran
Saudi Arabia's decision to scupper negotiations on a coordinated oil output freeze in Doha on Sunday seems to confirm a significant shift in the kingdom's oil policy. For decades, the kingdom has insisted it does not wield oil as a diplomatic weapon, but at the weekend it did just that as part of an intensifying conflict with Iran.
