Saudi Energy Minister: No plan to deepen output cuts, still hopes for Aramco IPO in 2021

Khalid Al-Falih told Bloomberg Television that the OPEC+ meeting in May will be key

Khalid Al-Falih spoke with Bloomberg Television about OPEC+ cuts and Saudi Aramco's bond issuance
Khalid Al-Falih spoke with Bloomberg Television about OPEC+ cuts and Saudi Aramco's bond issuance

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.

Al-Falih also told Bloomberg that investor demand for Saudi Aramco’s debut dollar bond has exceeded $30bn. The securities, which haven’t priced yet, will be the first of many debt offerings by the company. He added that the company will have a "permanent presence" in capital markets, and in a couple of years investors will be able to buy either company stock or bonds.

He also noted that he hopes Saudi Aramco will proceed with an initial public offering, which has been delayed, in 2021.

Al-Falih was ranked third on Oil & Gas Middle East's list of the 50 most influential regional oil and gas figures for 2019.

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