A statement released by the Saudi state-owned energy giant Aramco reveals that the first half net income for 2019 had dropped to $46.9 billion, compared to $53.0 billion for the same period last year. The drop in income has been attributed to lower crude oil prices. Saudi Crown Prince MbS continues to insist on a $2 trillion valuation of Aramco as talks resume on the long-awaited IPO, although some bankers and company insiders say this should be trimmed to around $1.5 trillion. In other news, Saudi Arabia plans to keep its crude oil exports below 7 million barrels per day in August and September to help drain global oil inventories and ‘rebalance the market’.
To read about this and more of this week’s news from the Kingdom of Saudi Arabia, click here.
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