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Saudis Make Surprise Oil Cut With Eye on $2 Trillion Aramco

  • Oil surges; Prince predicts value of Aramco will soar soon
  • Kingdom will cut crude output to levels not seen since 2014
This Is Where Saudi Arabia Gets Its Oil
Photographer: Simon Dawson/Bloomberg
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Saudi Arabia surprised the oil market with deeper production cuts, sending crude prices soaring and predicting that Aramco, fresh from its initial public offering, will soon surge past the elusive $2 trillion valuation.

After two days of grueling talks in Vienna that had focused on adjusting the OPEC+ quota and redistributing output cuts more equitably, Energy Minister Prince Abdulaziz bin Salman sent prices soaring with the promise to take the kingdom’s production down to levels not seen on a sustained basis since 2014, according to data compiled by Bloomberg.