Oil

Saudi Aramco's IPO is huge and limited at the same time

Illustration of a gas pump with a green check mark on it
Illustration: Eniola Odetunde/Axios

There's a split-screen effect with the Saudi Aramco IPO: it's simultaneously the largest ever and an event that's less consequential than initially envisioned.

Driving the news: The company yesterday said shares would be priced at 32 riyals, or $8.53, per share on the country's domestic exchange, representing a $1.7 trillion valuation.

OPEC's moment of decision on oil production cuts

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud
Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the 177th OPEC meeting in Vienna, Austria, on Dec. 5. Photo: Joe Klamar/AFP via Getty Images

OPEC and Russia are deciding next steps in their three-year effort to restrict production in order to prop up prices, during their two-day meeting currently underway in Vienna.

Why it matters: It will reveal how Saudi Arabia and Russia, the OPEC+ group's dominant players, will continue grappling with soft global demand and the rise of U.S. shale production.