Aramco listing reshapes Saudi Arabia’s OPEC oil policy

29 Sep 2017   Saudi Arabia

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, Saudi officials were armed with an unprecedented bargaining chip: if there was no deal, the kingdom would quit the exporter group altogether. The strategy was approved at the highest level of the Saudi government, said sources familiar with the matter. It was not only aimed at ensuring the smooth workings of the world’s energy supply. It was also driven by a desire to push up oil prices to maximize the valuation of Saudi Aramco ahead of the listing, said the sources who declined to be […]

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