Saudi Arabia targeting $60 oil for Aramco IPO - report

Author: Adam Button | Category: News

WSJ report

The WSJ reports that Saudi Arabia "needs" oil at $60 for the highly-anticipated Aramco IPO.

"The Saudis are targeting $60 a barrel to help the initial public offering generate tens of billions of dollars, which would be plowed into developing new technology and industrial sectors in Saudi Arabia," the article says.

They also note that the kingdom has few good options for getting prices there.

This sounds like a lot of speculation but it's been out for 30 minutes and boosted WTI by about 35 cents.

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