Aramco could be the biggest IPO in history
According to a prospectus released on Saturday by the biggest oil company in the world, individual investors can buy nothing more than 0.5% shares of Aramco. The oil giant didn’t reveal the exact size of its planned share offering but this could be the biggest Initial Public Offering in history as analysts' valuations of the company vary from $1.2 trillion to $2.3 trillion. The public listing of Aramco has been an integral part of Saudi Vision 2030.
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Oil had the best quarter in the last 30 years
After crashing to the lowest level in history earlier this year, oil prices made a huge comeback. Oil prices registered their best quarterly performance in 30 years during the three months through to the end of June. Brent crude futures skyrocketed more than 80% in the second quarter. It was the international benchmark’s best quarterly performance since the third quarter of 1990 during the first Gulf War
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CNBC
China’s crude oil imports surge to near-record high
China’s crude oil imports jumped by 13 percent from April to near record-highs of 11.11 million bpd in May, the surge was mainly due to an increase in demand after the coronavirus pandemic. China’s imports from Saudi Arabia jumped by 800,000 bpd, following declines in the two previous months, while imports from Iraq surged by more than 400,000 bpd, OilX data showed
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Oilprice
Oil jumps to the highest level in two months
WTI Oil jumped more than 10% on Monday to reach the highest level in two months, one day ahead of the contract’s expiration, as production cuts and the easing of stay-at-home restrictions supported prices. WTI jumped above $32 per barrel. Monday’s jump is in sharp contrast to just one month ago when on the day before the contract for May delivery expired, prices plunged below zero and into negative territory
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CNBC
Iraq cuts oil exports to Asia
Iraq cuts oil exports to Asia
Iraq, OPEC’s second-biggest producer and the least compliant member in all previous rounds of cuts, has told some of its Asian oil buyers that it would not send the full contractual volumes requested for June, traders who were informed of the measure by Iraq’s state oil marketing company SOMO told Bloomberg on Wednesday.
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Oilprice