• SENSEX
    NIFTY 50
Energy

Aramco attacks show company entanglement in Saudi politics

Updated : September 16, 2019 08:08 AM IST

The weekend drone attack on one of the world's largest crude oil processing plants that dramatically cut into global oil supplies is the most visible sign yet of how Aramco's stability and security is directly linked to that of its owner — the Saudi government and its ruling family.
The strikes, which US secretary of state Mike Pompeo blamed on Iran despite staunch denials by Tehran, led to suspension of more than 5 percent of the world's daily crude oil production, bringing into focus just how vulnerable the company is to Saudi Arabia's conflicts outside the country's borders, particularly with regional rival Iran.
To prepare for an initial public offering, the company has recently taken steps to distance itself from the Saudi government, which is controlled by the Al Saud ruling family.
Aramco attacks show company entanglement in Saudi politics
primo org
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more

You May Also Like

Live TV