Saudi Aramco has made first selections for financial partners in its rejuvenated attempt to file for an initial public offering (IPO), choosing Bermuda-based Lazard Ltd. and Moelis & Co. as advisors, people with knowledge of the matter told Bloomberg.
New rules put in place by Saudi government authorities have granted the right of all Saudi students studying oversees to travel without requiring a permit from their parents or guardians, even if they are under the age of 21, according to reports.
Oil prices rose for the second straight day as a drone attack launched by Yemen’s Houthi group on an oilfield in eastern Saudi Arabia on Saturday caused a fire at a gas plant, Reuters reports, but the attack "had no impact on oil production."
Oil fell 2% toward $58 a barrel on Thursday, extending the previous session’s 3% drop, pressured by mounting recession in the United States and and a surprise boost in U.S. crude inventories, Reuters reports.
Millions of Hajj pilgrims began heading back to Mecca for final prayers on Tuesday as the world's largest annual pilgrimage went off without incident despite the logistical challenges and escalating regional tensions, Reuters reports.
In its first-ever half-year earnings report, Saudi Aramco said the company had earned a net income of $46.9 billion in the first half of 2019, a 12 percent decrease from $53 billion in the period a year earlier, when oil prices were higher.
The spokesperson for the Saudi embassy in Washington, Fahad Nazer, responded to “worrisome and false" allegations being made by U.S. politicians against Saudi Arabia as the 2020 election cycle gears up.