wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said.
Riyadh needs high oil prices to balance its budget and support the pricing for the Aramco initial public offering, which could be the world’s biggest. Prince Abdulaziz bin Salman heads to Vienna this week for his first OPEC meeting as Saudi Arabia’s energy minister.The veteran oil official, known as a tough negotiator, wants to ensure oil prices stay high enough for Aramco’s IPO, sources said.
The Saudis are also lobbying other producers to deepen cuts and have been signalling that they are ready to continue taking the biggest burden and to cut well in excess of their target. Saudi and Russian oil production costs are much cheaper than those in the United States so any OPEC cut. A price rise can hurt OPEC and its allies because it bolsters U.S. production and allows U.S. shale oil producers to grab a bigger market share.
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