Saudi Arabia Signals Ambition for $80 Oil Price
- Officials have met other OPEC nations and market participants
- Kingdom aiming to boost oil prices to support 2019 Aramco IPO
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Saudi Arabia wants to get oil prices near $80 a barrel to pay for the government’s crowded policy agenda and support the valuation of state energy giant Aramco before an initial public offering.
In conversations with OPEC delegates and oil market participants, Saudi officials had been careful to avoid pinpointing an exact price target. Yet people who have spoken to them said the inescapable conclusion from the conversations was that Riyadh is aiming for $80.