Big Oil

Oil giant Saudi Aramco sets initial IPO valuation at $1.7 trillion

A view of the Aramco oil refinery in Saudi Arabia, 1990.
The Saudi Aramco oil refinery in Saudi Arabia. Photo: Tom Stoddart/Hulton Archive/Getty Images

Saudi Arabian state-owned oil giant Saudi Aramco said in an updated prospectus Sunday that it has set an initial valuation of $1.6 trillion to $1.71 trillion.

Why it matters: The IPO could potentially be the world’s biggest, though it does fall short of Saudi Crown Prince Mohammed bin Salman's hopes of a $2 trillion valuation.

Industry lobbying rifts over climate change growing

Illustration of a fissure in the ground opening up towards barrels of oil.
Illustration: Aïda Amer/Axios

Lobbying divisions are rupturing across Washington as climate change worries grow and President Trump repeals policies addressing the issue.

Driving the news: Oil and gas company Total is leaving the American Fuel & Petrochemical Manufacturers due to differences over climate change policy, the French producer said Friday, following Royal Dutch Shell's move earlier this year.