Report: Saudis push for longer-lasting OPEC cuts as Aramco IPO nears - All News - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Report: Saudis push for longer-lasting OPEC cuts as Aramco IPO nears

Opec02MOSCOW, Dec 2 (PRIME) -- Saudi Arabia will push for an extension of oil-production cuts through mid-2020 at a producersТ summit this week in an effort to prop up Saudi AramcoТs initial public offering share price, Persian Gulf officials said, according to a Wall Street Journal report on Monday.

Saudi Arabia needs stable oil prices of at least at U.S. $60 per barrel, and cannot afford a further reduction because that would be a negative factor for the investors who bid in the IPO, the newspaper reported, citing an oil councilor to Saudi Aramco.

In November 2016, OPEC and non-OPEC states including Russia first decided to reduce their oil output to rebalance the market, and agreed on additional reduction in December 2018. In July, they prolonged the deal until April 2020.


02.12.2019 10:09
Share |
To report an error select text and press Ctrl+Enter
Central Bank Official Rate
1W 1M 1Y
EUR 77.9069 +0.1215 28 may
USD 71.0635 -0.0773 28 may
Stock Market Indices
1D 1W 1M 1Y
rtsi 1223.18 -0.15 15:02 27 may
micex 2758.12 +0.15 15:02 27 may
Stock Quotes in RUR
1D 1W 1M 1Y
gazp 195.62 -0.63 14:45 27 may
lkoh 5439.50 -0.10 14:45 27 may
rosn 375.55 +0.31 14:45 27 may
sber 198.40 +2.27 14:45 27 may
MICEX Ruble Trading
1D 1W 1M 1Y
EURTD 77.7950 -0.3775 14:59 27 may
USDTD 70.6200 -1.1325 17:44 27 may