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Saudi Aramco will hit $2 trillion valuation soon after float: Energy Minister

Friday, 6 December 2019

Saudi Aramco may float on the stock market at a valuation below the $2 trillion the Kingdom initially targeted, but it will soon rise above that level on the open market, Prince Abdulaziz bin Salman, the Kingdom’s Energy Minister, predicted on Friday.The state oil company is expected to start trading for the first time on Wednesday at a valuation of $1.7 trillion, making it the most valuable company in the world. Speaking to journalists after a meeting of the OPEC oil exporters’ club ...

OPEC surprises oil markets with deeper supply cut

Friday, 6 December 2019

OPEC and allied oil exporters took financial markets by surprise on Friday with a deeper-than-expected cut in oil supply, triggering a jump in prices. The move by OPEC and friends tightens their grip over global oil markets as they prepare for a new wave of production from rival producers next year. Oil prices surged following the announcement, with US benchmark WTI and its European counterpart Brent both nearly two percent higher shortly after 1500 GMT. “This deal puts a floor under ...

OPEC+ agree to cut 500,000 bpd of oil supply in 1st quarter

Friday, 6 December 2019

The Organization of the Petroleum Exporting Countries and its allied oil-producing nations (OPEC+) agreed on Friday to cut 500,000 barrels per day of oil supply in the 1st quarter, according to the Russian Energy Minister. Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said that Saudi Arabia's oil production quota is 9.744 million barrels per day. -Developing

Saudi Arabia’s energy minister exhorts peers to abide by oil supply deal

Friday, 6 December 2019

Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, offered an impassioned defense of OPEC and allied exporters’ role in providing global market stability at a ministerial session on Friday, and exhorted fellow ministers to stick to their agreements. OPEC and allied exporters are expected to agree deeper supply cuts later on Friday in an effort to cater for a wave of new barrels expected from rival producers next year, but adherence to the existing deal to restrain output by ...

Saudi Aramco shares to start trading Dec 11: Tadawul exchange

Friday, 6 December 2019

Saudi Aramco shares will start trading on Dec. 11, the Saudi securities exchange Tadawul said on Twitter on Friday.The Saudi oil giant priced on Thursday its initial public offering at 32 riyals ($8.53) per share, raising $25.6 billion and beating Alibaba Group Holding Ltd's record $25 billion listing in 2014.

OPEC meeting ends without statement amid expectations of more output cuts

Friday, 6 December 2019

OPEC ministers finished a marathon meeting on oil markets Thursday night amid expectations that the exporters’ club will announce deeper cuts in supply on Friday. Ministers remained tight-lipped after the ministerial session ended soon after 11pm at the group’s Vienna headquarters, with Saudi Energy Minister Prince Abdulaziz bin Salman telling reporters: “The OPEC meeting is finished. We will have a meeting tomorrow and everything will become clear for you.” He was ...

OPEC ministers extend meeting amid expectations of more cuts

Friday, 6 December 2019

OPEC ministers met late into the night at their Vienna headquarters on Thursday as they grappled with the prospect of a wave of extra barrels from rival producers expected to hit the market next year.The oil exporters’ club is expected to agree deeper cuts to keep a floor under prices, but details have yet to be decided and OPEC ministers have another crucial meeting with allied countries scheduled for Friday.OPEC spokesman Hasan Hafidh told journalists that ministers continued their ...

OPEC+ panel recommends deepening oil cuts by 500,000 bpd: Sources

Thursday, 5 December 2019

A ministerial panel of key OPEC producers and allied countries on Thursday recommended deepening their agreed oil production cuts by 500,000 barrels per day, two sources told Reuters. OPEC+’s recommendation for a deeper oil cut is conditional on the full compliance of all members, according to an OPEC+ source. A ministerial panel consisting of OPEC and its crude exporting allies has recommended output cuts until June, Reuters reported, citing sources. OPEC will meet later on Thursday ...

Saudi Aramco sets its IPO price at $8.53 per share: Sources

Thursday, 5 December 2019

Saudi Aramco on Thursday set its Initial Public Offering (IPO) price at 32 riyals ($8.53) per share, at the top end of an indicative price range, Reuters reported, citing sources. At $8.53 per share, the company would raise $25.6 billion from the IPO, making it the world's largest IPO, topping Alibaba's 2014 listing, which raised $25 billion. At this level, Aramco would have a market valuation of $1.7 trillion, overtaking Apple Inc as the most valuable listed firm. Saudi Aramco will make a ...

Cyprus petitions The Hague to safeguard offshore rights

Thursday, 5 December 2019

Cyprus has petitioned the International Court of Justice at The Hague to safeguard its offshore mineral rights, its president said on Thursday, as neighbor Turkey disputes its claims. The two countries are at loggerheads over offshore maritime zones around the island, where Cyprus has granted licenses to multinational companies for oil and gas research. Cypriot President Nicos Anastasiades said Cyprus is committed to protecting its sovereign rights with every legal ...

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