in our view. The focus on diversification could introduce mediumterm
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although they appear too ambitious to be met within the time frame
which could negatively impact Real Effective
of which Saudi Aramco’s share would be 3.3mn bpd.
in addition to already completed joint-ventures and stakes in
Saudi Aramco is building highly sophisticated
he suggested that Saudi Arabia will remain
Aramco invested cUS$100bn into its largest-ever capacity expansion program
our commodities research medium-term oil balances suggest
oil prices are likely to be under downward pressure.
in line with recent official pronouncements. Although volatility makes it more
we would expect a preference for oil market stability over
secure captive crude demand and make operations less volatile.
international issuance would support Fx reserves.
taking the US$2trn Deputy Crown Prince potential valuation for Aramco
although issuance does not appear to be an
it would only support the build-up of Fx reserves
which would lessen the need to borrow domestically or externally. A
in our view. A share sale would be a non-debt creating financing
lifting costs (local crude oil sales suggest