daily oil production. it s not yet known when the ipo will happen. but when it does, it could she the biggest on record. for more, i m joined by cnn business emerging markets editor john. good to see you. hi, natalie. . it may be the biggest ipo in history. how much oil does this company produce? well, it is the crown jewel, if you will, of the kingdom, natalie. and you rightfully suggest it is the most profitable company in the world. we consume 100 million barrels a day. saudi aramco praoutsz about 10 million barrels. 1 out of 10 barrels every day in the market comes from saudi arabia. it produces oil at $2 to $4 a barrel, which is extraordinary. in 2018, they had two times the profits of apple. three things we need to watch
iran s foreign ministry is dismissing the allegations altogether. regardless of who is responsible, the attacks have crippled saudi oil production. the kingdom s capacity has been cut roughly by half. with a look at what we can expect right now with the markets, let s bring in our emerging markets editor john in abu dhabi. john, to get a sense, and also we have nick paton walsh live in tehran. nick, let s start with you. the united states blaming iran despite houthi rebels claiming responsibility. what reaction are you hearing there? reporter: well, in the last hours or so we have heard a stark reaction from iran s foreign ministry. the spokesperson wholeheartedly rejecting secretary of state s mike pompeo s claim that iran was behind this. he said such blind accusations and inappropriate comments in a diplomatic context are in comprehensible and meaningful.
other issue, where could this possibly have originated from. certainly a war of words here that is begun by secretary pompeo in particular and looking for evidence to back that up. . nick paton walsh underscoring that evidence will be the story that leads in the coming hours. evidence that will be critical as the world will want to see it. now, john, how are the markets responded to this so far? reporter: the only thing trading today are the regional stock markets. not surprisingly, saudi arabia down 1%. qatar and dubai losing a half percent. energy markets will be open monday. they will respond accordingly. this is in a different league than things that have happened in the past. the initial response is 5 million barrels a day would be