Tag: Yahoo Finance

Trump Is Wrong. The U.S. Does Need Middle East Oil

(Bloomberg Opinion) -- President Donald Trump was wrong last week when he said that the U.S. doesn’t need Middle East oil. For one thing, U.S. refiners still need to process it to make the products their customers want. What’s more, America’s car drivers and truckers need it to keep flowing or else they’ll face higher prices at their local gas pump.Trump made his assertion during an address from the White House after Iran launched a barrage of missiles at two airbases in Iraq used by the U.S. military and amid fears of an escalation in attacks on key oil infrastructure in the region, including potentially the flow of oil through the Strait of Hormuz — a narrow neck of water that connects the Persian Gulf to the open seas.It’s certainly true that very little of the crude produced in the Persian Gulf region now finds its way to refineries in the U.S. Less than 5% of the...

Saudi Aramco raises IPO to record $29.4 billion through greenshoe option

State-owned oil company Saudi Aramco said on Sunday it has exercised its "greenshoe option" to sell an additional 450 million shares, raising the size of its initial public offering (IPO) to a record $29.4 billion. Aramco initially raised a then-record $25.6 billion in its IPO in December by selling 3 billion shares at 32 riyals ($8.53) but indicated it may sell additional shares through the over-allotment of shares. A greenshoe option, or over-allotment, allows companies to issue more shares in an IPO when there is greater demand from participants during the initial offering....