A unanimous decision made by the Organization of Petroleum Exporting Countries (OPEC) continues to limit oil production. Saudi Aramco, one of the largest and profitable oil companies in the world, has announced that they will not be influenced by U.S. calls for an increase in oil supply and continue to act towards their goal of increasing output by 400,000 barrels per day each month.
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Prince Abdulaziz bin Salman, Saudi Arabia’s oil minister, has urged fellow producers to tighten the amount of oil released into the market. He fears that additional oil flowing into the market could cause prices to drop. Especially during the pandemic, oil prices have declined due to an increase in the number of people staying home. T
Read MoreIn the recent months bulge bracket investment banks have been lining up to get their spot on the Saudi Aramco IPO. Banks involved in the deal include JPMorgan Chase & Co, Morgan Stanley, Goldman Sachs, Bank of America Merrill Lynch, Citigroup, HSBC Holdings, Credit Suisse AG, and two domestic investment banks.
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