Drone attacks may lower Aramco’s IPO valuation, analysts say

FILE PHOTO: An Aramco oil tank is seen at the Production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. Picture taken May 22, 2018. REUTERS/Ahmed Jadallah/File Photo

DUBAI: The weekend drone attacks on Saudi Aramco’s oil facilities came just as the company prepares to meet investors for a potential initial public offering.

The incident, which has caused Saudi Arabia to cut its oil output in half, may affect Aramco’s valuation but is unlikely to derail the milestone offering, analysts and investors said.