There will be an OPEC deal extension—no matter the public tussling between opposing forces in the industry cartel—if the world’s largest oil producers are really determined to end the supply glut. A failure to agree on the market remediation would cause oil prices to plummet immediately, forfeiting any gains that have been made in the last year. Saudi Arabia needs $60 per barrel for its Aramco initial public offering to be a success in the second half of next year. It plans to sell just five percent of its prized company in the largest IPO in financial history, but a low price could force the country to sell a larger share, siphoning off government revenues at a time of strained budgets. Aramco’s IPO is important not just for Saudi Arabia’s non-oil future. As one of the world’s most efficient and low-cost oil producers, its longevity can be seen as […]