Aramco flotation prompts dramatic U-turn in Saudi oil policy

Proposed sell-off sees Riyadh turn from dove to price hawk

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(Image credit: Frederic J. Brown/AFP/Getty Images)

The proposed stock market flotation of Saudi Arabia’s state oil giant Aramco has prompted a major shift in the country’s energy policy.

Long seen as an advocate of restraint within Opec, seeking to convince fellow members like Venezuela, Iran and Russia that fast rising oil prices benefited alternative energy providers, the world’s biggest oil exporter has performed a remarkable volte-face since announcing its decision to sell off part of its state-owned oil company, Reuters says.

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