A reversal of fortunes
I've been wondering why the Saudis are now so keen to sell off a major stake in their state owned oil business, Aramco. There are several possible explanations. The first has to be that their reserves have been massively exaggerated, and now's the time to get out before the shit hits the can. A second possibility is that they simply see the demand for their product declining thanks to technological responses to climate change, so now is a good time to capitalise on what in the short term remains a valuable resource. A third possibility is the need of the heir-assumptive, the so-called reformist Crown Prince to find some new sources of dosh to buy off anti-reform elements in Saudi Arabia's deeply conservative society. I suspect it is not so conservative as to be above good old fashioned bribery. This sell off is a straw in the wind of something or other, but I'm not sure as yet what it tells us. But I am sure it is fairly historic, in terms of our energy economy. I actually think this proposed sale is more important than the present issue we ('we' thanks to our 'leaders') have with Iran. And, whilst we're on the subject, let's not forget the price some subjugated regimes paid for nationalising their oil back in the 1950s/60's. There is an unfolding story here which will have all the elements of I told you so wrapped into one very neat bundle.
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