Word: aramco
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...Sometimes I wonder why others want to be so generous [in attempting to lower oil prices] at our expense. These are people who say they want to bring prices down, but we have unveiled the true picture. Participation of 100% [referring to Saudi Arabia's expected takeover of Aramco] is going to increase the price of oil by at least another $ 1.10 per bbl. Nobody spoke about that until we unveiled...
More important, the Saudis announced that for the first time they will auction some of the more than 5 million bbl. of oil daily that they receive from their 60% ownership of the Arabian American Oil Co. (Aramco). Unlike Kuwait, which two weeks ago announced that it will no longer auction its crude because offered prices were too low, the Saudis will accept whatever they are bid. The first auction will take place in August and could involve most of Saudi Arabia's share of Aramco's output. Initially the oil will probably sell for as much...
...completed an interim deal that raised their ownership from 25% to 60%-a move with ironic consequences in light of their stated desire to lower prices. Under the complicated oil pricing system, the four American oil companies (Exxon, Texaco, Standard of California and Mobil) that have part-ownership of Aramco will have to "buy back" 60% of Aramco's daily output at 93% of the posted price, raising the market price of Saudi crude by about $1 per bbl. But when the Saudis take complete control of Aramco, they will have to set directly whatever price they think suitable...
...effect, the U.S. oil companies had lost control over every phase of Aramco's operations...
...slice of Aramco will the Saudis demand when they eventually open negotiations? Predicts Chairman Jungers: "Saudi Arabia will negotiate something that all parties can live with...