Riyadh, which initially targeted the second half of 2018 for IPO, is now aiming for next year. Saudi Aramco/Handout via REUTERS
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signals its ambition for $80 oil priceSaudi Arabia wants to get oil prices near $80 a barrel to pay for the government's crowded policy agenda and support the valuation of state energy giant Aramco before an initial public offering. The private discussions, relayed by several people who met the Saudis over the last month and asked not to be identified to protect their relationship with the kingdom, chime with the hawkish tone in public from Saudi officials. The Saudi strategy, which isn't universally shared within OPEC, the same people said, carries risk as it could further boost U.S. production, already at a record of 10 million barrels a day.Riyadh has public support from other OPEC countries for continuing the cuts, but privately some nations are increasingly worried that Saudi Arabia is trying to boost oil prices too high, the same people said.
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