The last few weeks in the oil market have been dominated by two key topics. First off, the Saudi Aramco IPO that is finally happening, albeit not in the way and to the international scale it and much of the market wanted. Second development has been OPEC's keen awaited global oil outlook.
Starting with Aramco, here is the Oilholic's take via Forbes, on what the likely valuation could be. That might well be substantially below the $2 trillion level Saudi Arabia's Crown Prince Mohammed Bin Salman craves.
As for the OPEC report, the producers' group expects a flood of US shale barrels, with American production tipped to rise to 17 million barrels per day (bpd) by 2024. Here is one's report via Forbes. That'll make for an interesting OPEC ministers meeting on December 5/6 in Vienna. Will OPEC+ keep its 1.2 million bpd of production cuts going as its price support is nothing of the magnitude it hoped for, and shale players keep plugging on.
Finally, here's The Oilholic's interview with Jason Urso, Chief Technology Officer at Honeywell Process Solutions, the global software industrials company's automation unit, for Rigzone. In it Urso says:"Our ideal recruits would be either sector specialists deeply familiar with software based technologies or software specialists with a deep interest in the energy sector." Well worth a read here.
That's all for the moment folks. Next stop ADIPEC 2019, Nov 11-14 in Abu Dhabi, UAE. More from there soon. Keep reading, keep it 'crude'!
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© Gaurav Sharma 2019.
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