If there is a king of Oil, it has to be the Saudi Aramco. It is the largest energy company in the world and it has recently announced that it’s going public.
The initial public offering (IPO) would be the largest in history, worth US$100 billion. This is an astounding amount that dwarfs the Chinese retail company Alibaba Group’s US$25 billion offering, the largest IPO to date.
Other large IPOs have included those of ICBC, Visa, AIA, Facebook and General Motors, all of which topped US$15 billion.
According to the 2018 BP Statistical Review of World Energy, in 2017 Saudi Arabia produced 12 million barrels of oil per day. That accounted for 12.9% of the world's oil production, which is in the range of the world's two other major oil production superpowers -- Russia and the U.S.
The Aramco IPO marks a historic shift for the Saudi economy and the global oil market.
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