Economic history of Saudi Arabia

Saudi Arabia's Capital Market Authority (CMA) on Nov. 3 approved Aramco's request for initial public offering (IPO).

Saudi Aramco has delayed the planned launch of its initial public offering in hopes that pending third-quarter results will bolster investor confidence in the world's largest oil firm, two sources familiar with the matter said on Oct. 17.

The oil production in Saudi Arabia will be fully restored by the end of November, Amin H. Nasser, President and CEO of Saudi Arabian Oil Company Saudi Aramco, said.  The facilities of the giant Aramco were attacked by drones earlier in September and caused a temporary shutdown and halved oil production, equivalent to 6 percent of world production.

Saudi Aramco has booked at least 120,000 tons of naphtha for September loading from Europe in a rare move as it seeks to plug a supply gap following attacks on its oil facilities last Saturday, industry sources said.

Oil production in Saudi Arabia will be fully restored by the end of September, authorities said. At the same time, United States Secretary of State Mike Pompeo is leaving for the kingdom to discuss the next steps after the airstrike against Saudi oil facilities.

Oil prices have risen by more than 10% in Asian trade since the oil rig attack in Saudi Arabia. Amid fears of a surge in black gold prices, US President Donald Trump has allowed the release of oil from the United States Strategic Oil Reserve.

In Asian e-commerce, US light crude oil for delivery in October rose by nearly ten percent to $ 60.23 a barrel.

Turkish Foreign Ministry on Sept. 15 condemned the drone attacks on two facilities of Saudi Arabia's state-owned oil company Aramco. 

Fires broke out at two Saudi Aramco oil facilities after they were struck by drones early on Sept. 14, the kingdom's interior ministry said.

Aramco, the world's biggest oil producer, is expanding its downstream, or refining and marketing, footprint globally by signing new deals and boosting the capacity of its plants to secure new markets for its crude.

Saudi Arabia is expected to announce investments in Pakistan worth between $15 billion and $20 billion during Crown Prince Mohammed bin Salman's official visit, according to the head of Pakistan's Board of Investment, Arab News reports.