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Saudi Aramco President and CEO Amin H. Nasser. Photo: Sergei Bobylev/TASS via Getty Images

Multiple new reports suggest the initial public offering of Saudi Arabia's massive state oil company Aramco may be shelved, not just delayed.

Why it matters: Saudi officials had hoped to raise tens of billions of dollars to help fund the kingdom's economic diversification by going public with a small piece of the company.

  • The IPO has been a part of the wider agenda of Crown Prince Mohammed bin Salman, the aggressive and ambitious heir to the Saudi throne, but has been mired in delays and uncertainty.

The latest: A newly published Financial Times interview with CEO Amin Nasser only grazes the topic, but in the article he says that the government had not determined whether it will happen.

  • That's a slight shift from Nasser's comments in recent months, like these in March, when he said the outstanding questions were about timing and listing venue.

More signs: The Wall Street Journal reported late last week that the IPO might be scuttled outright, and quoted an anonymous senior exec saying, “Everyone is almost certain it is not going to happen."

A weekend Bloomberg piece similarly says that many, including senior Aramco officials, doubt it will occur. Some key executives working on the offering have left or taken other roles, they report. Bloomberg notes that one headwind is...

  • The Trump factor: "With Republicans facing tough midterm elections in November, he’s pressured Saudi Arabia to pump more oil, and cheaper crude means a lower valuation for the company."

Worth noting: An Aramco rep has declined to comment to Axios in recent days.

Go deeper

Updated 2 hours ago - World

U.S. airstrike kills senior al-Qaeda leader in Syria, DOD says

A displacement camp near the village of Qah in Syria's northwestern Idlib province. Photo: Ahmad Al-Atrash/AFP via Getty Images

A U.S. airstrike in northwest Syria on Friday killed senior al-Qaeda leader Abdul Hamid al-Matar, U.S. Central Command said in a statement.

Why it matters: Syria serves as a "safe haven" for the extremist group to plan external operations, according to U.S. Army Maj. John Rigsbee.

Updated 7 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.

Supreme Court agrees to hear challenges to Texas abortion law

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court on Friday agreed to hear two cases challenging Texas' abortion law, which bans the procedure as soon as six weeks into pregnancy, but left the law in place in the meantime.

Why it matters: The court is moving extraordinarily fast on the Texas cases, compressing into just a few days a process that normally takes months. And that schedule means the court will take up Texas' ban a month before it hears another major abortion case — a challenge to Mississippi's own 2018 ban on abortions after 15 weeks.