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Depending on how the coronavirus situation is resolved, "outright demand contraction is now on the table," Pies wrote.
President Nicolas Maduro has considered selling shares of the state-owned industry as the country faces economic crisis, Bloomberg reports.
Energy equities are set to bottom in 2020, and that could mean improved energy equity sentiment later in the year, according to Goldman Sachs.
Apple just got dethroned as the world’s largest public company after Aramco’s dizzying $1.9 trillion IPO
Aramco is worth more than the top US energy firms combined. If it were a country, it would have the world's ninth-largest GDP, ahead of Brazil and Canada.
Activist billionaire investor Carl Icahn reportedly wants to seize control of energy producer Occidental’s board
Occidental's stock is down 42% since April.
Saudi Aramco is reportedly shelling out a whopping $450 million on adviser fees for its upcoming IPO
Bloomberg said that the oil giant will pay the fees — about 1% of the $40 billion Aramco is looking to raise — to advisers from over 20 banks.
At a CNN town hall on Wednesday night, Joe Biden defended both his plan to address climate change and his relationship with the fossil-fuel industry.
Former Trump official Dina Powell has helped put Goldman Sachs in the running for a role in Saudi Aramco’s IPO
The former deputy national security adviser is reportedly part of the team trying to seal the deal for the bank.
Gasoline stockpiles also grew by 4.4 million barrels, which shocked the industry as it is currently peak demand season.
The UK is deploying another warship to the Persian Gulf as concern grows over a tanker that went missing near Iran
As the US gathers a coalition to protect shipping in the region, an oil tanker went into Iran's waters and mysteriously stopped transmitting.