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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What are the implications of Saudi Arabia’s increasingly hawkish rhetoric? Bloomberg’s Javier Blas discusses.(Source: Bloomberg)

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By Javier Blas

April 10, 2018 at 11:19 AM UTC

Updated on

April 10, 2018 at 12:21 PM UTC

This article is for subscribers only.

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.

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