Morning Saudi: Government, Aramco, Spare Capacity, and the Strong US$

By Paul Sankey Published on January 31, 2024 at 9:08 AM

Never a dull moment in oil, nothing beats a shock press release. The most exciting press releases leave plenty to the imagination. Aramco’s curt comment yesterday, all of two sentences long, was rip with understated ramifications on 1 million barrels per day of crude production and billions of capital investment being cancelled. And just like that, Bloomberg reports this morning that Saudi is considering a $10bn secondary offering, as soon as March. Savvy, these Saudis, …

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