Saudi Arabia pushing OPEC members for output cuts ahead of Aramco IPO

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is set to push the Organization of the Exporting Countries to make deeper oil- by pressuring laggard members ahead of its state-run oil company’s massive initial public offering.

The effort is aimed at bolstering CLZ19, +1.65% BRNF20, +1.43% and reminding potential Aramco investors of Saudi Arabia’s considerable sway within OPEC, people familiar with the plan said. Nigeria has agreed to improve and lobby other African producers to follow suit, they said.

Saudi Arabian Oil Co., or Aramco, this week officially unveiled its plan for an on the Saudi beginning on Dec. 11. On Dec. 5, Saudi Arabian delegates are scheduled to join OPEC’s 13 other oil-producing nations along with 10 nations from a Russian-led coalition for a meeting in Vienna.

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“They will be under enormous pressure to succeed [in pushing prices up] just before the IPO,” which is taking place six days later, one Saudi oil adviser said.
Source: MarketWatch

Source: Investing.com

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