Ex-CIA chief says: “Saudi Arabia is gradually running out of money”
Former CIA Chief, David Petraeus told CNBC in an interview that Saudi Arabia is gradually running out of money as they desperately want a successful IPO of state-owned oil company Aramco. He further added that Foreign Investment is crucial for the success of Crown Prince Mohammed bin Salman’s “Vision 2030”. Kingdom expects a budget deficit of $50 billion in 2020.
aramco saudiarabia ipo vision2030 budget
CNBCRelated Articles
The bankruptcy wave in the oil sector
US oil prices have imploded by three-quarters since early January, to just $15 a barrel. The crash was driven by excess supply, and unprecedented collapse in demand because of the coronavirus pandemic. The bankruptcy wave has already started. Earlier this month Whiting Petroleum filed for bankruptcy, marking the first high profile Chapter 11 filing of the current crisis. Diamond Offshore Drilling joined the bankruptcy club on Sunday
china saudiarabia oil russia markets coronavirus bankruptcy opec
CNN
If You Invested $1,000 in Gilead Sciences' IPO, This Is How Much Money You'd Have Now
Gilead Sciences priced its shares at $15 before its IPO. Still, though, a $10,000 investment in Gilead's IPO would now be worth nearly $1.8 million. Vistide was the beginning of a long and successful road for Gilead in treating HIV-related conditions. Gilead is also evaluating drugs that could potentially cure HIV in early stage clinical studies.
ipo drug gileads
Google
Aramco to miss profit targets for its first year as a publicly listed company
Amid the global economic fallout from the coronavirus pandemic, Saudi state-owned oil company Aramco, currently the most valuable company in the world, has announced that it will miss its first profit targets as a publicly listed company. CEO Amin Nasser also stated that the company will restrict its capital spending in 2020 due to Saudi Arabia's ongoing oil price war with Russia.
ceo saudi-arabia economy aramco oil public russia company profit capital amin-nasser price-war
Reuters
Saudi Arabia's oil price war with Russia to escalate as supplies max out
Saudi Arabia has announced that it will supply world markets with 12.3 million barrels of oil for every day next month, which is 2.5 million barrels per day above its previous target, and beyond the 12 million barrels per day that Saudi state-owned oil company Aramco says it can produce at peak capacity. Experts say this means Saudi Arabia will be relying on stock reserves to maintain the high supply.
saudi-arabia aramco oil million russia markets price world war capacity opec supply barrels peak
FinancialTimes