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Debt Destroys A Shale Giant

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Is The Aramco IPO Back On?

Market Movers

- State-run media say the Aramco IPO will now launch on November 3, with trading for a 1%-2% share to begin with. The leak of this rumor by unnamed sources to media yesterday suggested that the Saudis were possibly testing the waters at the last minute. Officially, MbS and the Kingdom’s energy minister said on Wednesday that the IPO would happen soon and “at the right time”, with no further detail. Russia’s and Norway’s SWF have said they have no plans to invest in Aramco’s IPO. Russia’s RDIF isn’t outright shunning Aramco, but will not invest heavily because it is already heavily exposed to oil. Norway’s SWF is more definitive, saying that it has no plans at all to invest in Aramco, without listing specific reasons.

- The IEA is predicting more over oil oversupply, cutting oil demand growth projections by 100,000 bpd for this year and next. For 2020, oil demand is now expected to grow 1.2 bpd.

- OPEC’s “whatever it takes” strategy appears to have been shrugged off running up to the monitoring committee this month. A Reuters survey shows OPEC’s total October production rose by 690,000 bpd, with Saudi Arabia--the glue that has held the production quota deal together come what may--leading the increase, adding 850,000 bpd in October, for a total of 9.9 million bpd for the month. Saudi Arabia has agreed to keep their production at 10.311 millioi bpd, so they are still…





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