Big Oil

OPEC faces a "daunting" price balance challenge despite alliance with Russia

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman.
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman. Photo by Karim Sahib/AFP/Getty Images

If you want evidence that new Saudi Oil Minister Abdulaziz bin Salman faces a challenging job heading OPEC's top producer, the International Energy Agency's latest outlook this morning isn't a bad place to start.

Why it matters: The Saudis want a tighter market and higher prices to support domestic spending. More broadly, the report signals the ongoing difficulty OPEC faces influencing the market despite the 3-year-old alliance with Russia

J.P. Morgan takes the lead as top adviser for Saudi Aramco IPO

Data: Investing.com; Chart: Axios Visuals

J.P. Morgan Chase is close to winning the lead advisory role for state-owned oil company Saudi Aramco's IPO, which is expected to be the largest ever at $25 billion. A final decision is expected next week, CNBC reports, citing inside sources.

What's happening: Saudi authorities reportedly plan to sell 5% of Aramco’s shares on the local Tadawul stock exchange and launch another, much larger, offering in a foreign market in the next 2 years.