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Saturday, 4 November 2017

Trump pitches for $2 trillion Saudi Aramco oil float - BBC News

Trump pitches for $2 trillion Saudi Aramco oil float - BBC News:

"President Donald Trump has made a pitch to Saudi Arabia to float the world's biggest oil company in the US.
He tweeted: "Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange. Important to the United States!"
The proposed share flotation will see 5% of the state-owned company sold in an Initial Public Offering next year."



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Saudi's Falih calls for more work to cut global oil inventory

Saudi's Falih calls for more work to cut global oil inventory:

"Saudi Arabian oil minister Khalid al-Falih said on Saturday that more work was needed to reduce global oil inventories.

“There is a general satisfaction with the strategy of 24 countries that signed a declaration of cooperation”, he said after a meeting attended by his Russian, Uzbek and Kazakh counterparts.

 Russia and Saudi Arabia are leading a deal between OPEC and non-OPEC producers to cut global oil production, with the aim of propping up oil prices.

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Oil Extends Surge as OPEC Signals Deal, Supply Threats Mount - Bloomberg

Oil Extends Surge as OPEC Signals Deal, Supply Threats Mount - Bloomberg:

"Oil closed at its highest in more than two years for a second day as support grew for OPEC to prolong output cuts, while supply threats abounded.

Futures jumped 2 percent in New York, closing above $55 a barrel for the first time since July 2015. While Nigerian militants and Venezuela’s debt woes imperil crude output from two of the world’s chief suppliers, the overarching bullish factor remained the increasing prospects for an extension of the OPEC-led curbs to be decided as early as this month. In the U.S., oil rigs declined by the most in more than a year, and WTI surpassing Thursday’s intraday high also provided upward momentum later in the session.

OPEC has indicated “they are looking to extend the agreement through the end of 2018,” Andrew Lebow, senior partner at Commodity Research Group, said by telephone. “We’ve made a new high and the fundamentals have finally improved.”"



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