Attacks didn't impact Aramco's IPO plans: CEO


Aramco's maximum production capacity is 12 million barrels per day (bpd), though the OPEC kingpin has been pumping significantly below that level as part of a coordinated agreement OPEC and non-OPEC producers to lower output and keep a floor under falling oil prices, according to CNBC.

Saudi Arabia's giant oil company likely isn't worth as much as Crown Prince Mohammed bin Salman has hoped.

Saudi Aramco is moving forward with its plans for an IPO after drone attacks crippled its oil production, and new details suggest some shares will be offered before 2020.

The state-owned oil company could sell 1% to 2% of its shares on Saudi Arabia's domestic exchange as soon as November, the Wall Street Journal reported Tuesday.

The executive president of Saudi oil company Aramco, Amin Nasser, today sought worldwide support to prevent attacks similar to those executed against the facilities of that state company.

The absence of an worldwide resolution to take action against these operations could embolden attackers and put global energy security at risk, Nasser said.

"You heard the minister of foreign affairs and I think he spoke enough about (where) the attacks (are) coming from. It's instigated by Iran for sure, there's no doubt", Nasser said.

Yemen's Houthi group claimed responsibility for the attacks, but a US official said they originated from southwestern Iran.

Nasser added that the attacks had no effect on Aramco's revenues because the company continued to supply customers as planned.

Aramco is poised to release its prospectus October 25 in Arabic, and follow up with an English version two days later, sources told WSJ. Although Yemen's Houthi militia repeatedly claimed responsibility of the attacks, and warned of further attacks unless Riyadh ended its military campaign in Yemen, Washington and Riyadh have blamed Iran.