Saudi Aramco plans first global bonds in Q219

Bahrain Home Of U.S. Navy's 5th Fleet

Khalid al-Falih, energy minister for the Saudis, is credited for bolstering traders, by stating on Wednesday that his kingdom will meet its goal of reducing output to 10.2 million barrels per day (bpd) this month, down about 900,000 bpd from the country's record November output; the Saudis will also export 7.2 million bpd this month and 7.1 million bpd in February.

The Saudi energy minister also confirmed the date that the Kingdom has been giving lately for Aramco's IPO to finally take place-2021.

Saudi Arabia is expected to announce a slight rise in its crude oil and gas reserves on Wednesday after being independently audited, according to a source familiar with the matter. During his visit, Pakistan and the Kingdom will sign the MoU for setting up an oil refinery in the port city by the Saudi oil giant.

A public float of the oil major is expected to fetch $100 billion (Dh367bn), making it the world's biggest-ever IPO and valuing the company at $2 trillion.

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Al-Falih told reporters in Riyadh the bond is "probably going to be in USA dollars", and having bonds and commercial paper as one of its sources of capital is "prudent and necessary".

Issuing a bond would involve opening Aramco's books and the audit of its reserves is an exercise that is essential to that process.

"For most of the market, what this does is that it really reinforce what we all know, which is Saudi Arabia holds significant and low-priced reserves", said Richard Mallinson, an analyst with consultancy Energy Aspects.

That debt sale would force the world's largest oil producer to disclose its accounts to investors for the first time since its nationalisation roughly four decades ago.

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USA stocks and European equities jumped as investors awaited developments on trade talks between the world's largest economies. The full year numbers will look somewhat different, partly because China has resumed purchases of US soybeans and other goods.


Crude oil prices were slightly down at the start of trading on Tuesday, despite reports that Saudi Arabia cut its crude exports to help boost prices.

Oil has ticked upwards again today for its eighth straight session as Opec cuts in the New Year and hopes US-China trade talks pushed prices up.

"This certification underscores why every barrel we produce is the most profitable in the world, and why we believe Saudi Aramco is the world's most valuable company and indeed the world's most important", he said.

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