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Saudi Energy Minister to Bloomberg TV: No plans to deepen oil production cuts

Monday, April 8, 2019/ Editor -  

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Riyadh, Monday 8 April, 2019:   Khalid Al-Falih, Saudi Arabia’s Energy Minister, said the Kingdom does not plan to deepen its oil production cuts. He added that oil markets are “healthy.” 
 
Speaking to Manus Cranny, Bloomberg Television, Al-Falih said that the OPEC+ meeting in May will be a “key” gathering. He added that it’s still “premature” to decide if they will cut inventory. 
 
Other highlights from the interview include:
  • Investor demand for Saudi Aramco’s debut dollar bond has exceeded $30 billion, Al-Falih said. The securities, which haven’t priced yet, will be the first of many debt offerings by the company.
  • Al-Falih said he still hopes that Saudi Arabian Oil Co., as the company is formally known, will proceed with an initial public offering in 2021.
  • Aramco will have a “permanent presence” in capital markets, Al-Falih said, and in a couple of years investors will be able to buy either the company’s stock or bonds.

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