Could Saudi Aramco’s Attack Be An Issue For Its IPO?
September 17, 2019 at 08:00 AM EDT
Crude oil is seeing a massive price spike on Monday following drone strikes on a Saudi oil facility at Abqaiq and at a nearby Khurais oil field on Saturday, hamstringing 5.7 million barrels of daily crude production or 50% of the kingdom’s oil output. Saudi Aramco, the national oil company, reportedly is attempting to restore about one-third of its crude output, or 2 million barrels by Monday, amidst plans to release its IPO. However, Bloomberg News reported it could take weeks before Aramco restores the bulk of its production at Abqaiq.
