Skip to content
  • About Us
  • Our Staff
  • Privacy Policy
  • Contact Us
Market News Stand

Market News Stand

Daily Source of Industry News & Updates !!

  • Top Stories
  • Business
  • Health
  • Science
  • Technology
  • Toggle search form
Saudi Arabia Plans To Hold Up Oil Prices In Global Market

Saudi Arabia Plans To Hold Up Oil Prices In Global Market

Posted on By Ryan Starkey No Comments on Saudi Arabia Plans To Hold Up Oil Prices In Global Market

Saudi Arabia is one of the biggest oil-producing nations in the world. The country is also holding the head position at the Organization of the Petroleum Exporting Countries (OPEC). By reaping the benefit of the position, the country is going to buoy oil prices in the global market before the stock market debut of Saudi Aramco, state-owned oil company, worth $25 Billion.

This week, all the oil market associates of OPEC are due to meet for an agreement related to 2020’s oil production policy by OPEC oil cartel. In this meeting, the OPEC associates are expected to plan future steps regarding rein maintenance on their current oil output so that the global oil prices won’t tumble below $65 for a barrel. Saudi Arabia, in this meet, will make other associates follow oil-production limits as agreed before.

The country thinks that if oil production is kept limited, the upcoming Initial Public Offering (IPO) of its giant oil venture, Saudi Aramco may dig a good piece of gold for its global market debut planned in the next two weeks.

As per Thamer Ghadhban, Oil Minister, Iraq, the OPEC+—a merger of OPEC associates and external allies—will discuss to cut current supplies by nearly 400,000 oil barrels a day.

Saudi Aramco’s IPO is planned on the same day as the OPEC meeting to be held in OPEC headquarters, Vienna. As estimated, this listing will provide a commercially successful value to this most profitable venture in the world ranging from $1.5 Trillion to $1.7 Trillion. There will be also a raising worth $25 Billion for Riyadh later on.

In 2016, Mohammad Bin Salman, Crown Prince, Saudi Arabia, declared plans for attracting global investors by offering nearly 5% shares of Saudi Aramco in the Tadawul—country’s domestic oil market—which decreased the IPO vitality gradually.

The firmly raising consciousness about the compliance on OPEC and OPEC+ associates has already forced Nigeria and Iraq to put reins on their oil production. Saudi Arabia is also going to cut its oil production soon.

Business, Top Stories

Post navigation

Previous Post: Apple Ditching The Charging Plug For Its High-End Phones By 2021
Next Post: SpaceChain To Send Blockchain Technology To ISS For Fintech Market

Related Posts

Samsung Will Have Bright Night Camera Sensor Integrated In Galaxy S11 Samsung Will Have Bright Night Camera Sensor Integrated In Galaxy S11 – Daily News Insights Business
Samsung operating profit slump expected by the company Samsung operating profit slump expected by the company Business
Global Dental Services Market demand Global Dental Services Market Size, Revenue, Demand, Growth, Applications, Forecast to 2022 Business
BlackRock Bullish About The Asian Telecommunication Stocks In 2020 BlackRock Bullish About The Asian Telecommunication Stocks In 2020 Business
McDonald McDonald’s Agrees To Pay $26 Million To Settle Court Case By Its Employees – Daily News Insights Business
Malic Acid Market Malic Acid May Boost Skin Health and Improve Well-Being Business

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Global Oral Proteins And Peptides Market Industry Growth Factor, Overview, Demand, and Current Trends with Forecast to 2028
  • Global Healthcare IT Outsourcing Market Industrial Report to Cover Process Analysis, Manufacturing Cost Structure 2022-2028
  • Revenues from the global digital photography market are expected to rise to USD 149.4 billion by 2028, at a CAGR of 4.4%
  • Global Email Encryption Market Is Expected To Reach Around USD 6.6 Billion By 2028
  • Global Expression Vectors Market Set for Moderate Growth to Reach USD around 330.3 Million by 2028