Saudi Aramco hits out at lack of resolve over attacks

A view shows Saudi Aramco’s Manifa oilfield Saudi Arabia

A view shows Saudi Aramco’s Manifa oilfield Saudi Arabia

Showing resilience, Aramco said it has restored the lost production as planned and is on track to continue meeting its target to regain its maximum oil production capacity of 12 Mmbpd by the end of November.

Aramco, the world's largest oil company, had its A+ rating, which it received in April after announcing its inaugural public bond issue, slashed to A. The rating agency said the downgrade "took into account rising geopolitical tensions in the region, but also the country's continued fiscal deficit, among other factors".

Executives who are working on the state-owned Saudi Aramco's initial public offering have suggested it's worth $1.5 trillion, The Wall Street Journal reports, citing people familiar with the matter.

The crown prince has indicated that he wants a valuation of $2 trillion, though analysts and Aramco officials have valued Aramco at closer to $1.5 trillion.

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Another date to remember is Friday, October 25th-that is the last day they can request that an absentee ballot be mailed to them. Vote at your assigned polling station from 9:00 a.m.to 9:00 p.m. from Friday, October 11th to Monday, October 14th.

The executive president of Saudi oil company Aramco, Amin Nasser, today sought global support to prevent attacks similar to those executed against the facilities of that state company.

Saudi Aramco's oil processing facilities at Abqaiq and Khurais were attacked by missiles and drones on September 14, shutting down 5.7 million barrels per day (bpd) of its production, or more than 5% of global supplies. "It's instigated by Iran for sure, there's no doubt". Although Yemen's Houthi militia repeatedly claimed responsibility of the attacks, and warned of further attacks unless Riyadh ended its military campaign in Yemen, Washington and Riyadh have blamed Iran.

The kingdom's crude oil production capacity is now 11.3 million bpd, the Saudi energy minister, Prince Abdulaziz bin Salman, said last week. Earlier, sources told Reuters that IPO prospectuses may be released on October 25 and 27, in Arabic and English.

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