Raymond Rocca (the CIA’s former research
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BofA Merrill Lynch Global Research. Implied rate of return on SAMA reserve assets
our commodities research medium-term oil balances suggest
BofA Merrill Lynch Global Research. Data as of 2015.
BofA Merrill Lynch Global Research. Propane
BofA Merrill Lynch Global Research. Data as of 2010.
BofA ML Commodities Research. IEA estimates Saudi production capacity at 12.2mn bpd
BofA Merrill Lynch Global Research.*Market cap as % of MSCI EM represents and artificially constructed benchmark weight
BofA Merrill Lynch Global Research. US spot refers to natural gas prices of US$2.6/mn BTU. The US$2.5bn feedstock
hereby certify that the views each of us has expressed in this research
neither MLEA nor any of its affiliates involved in preparing this research report is an
Chief Economist of the Nomura Research Institute
Electron’s research process has focused on structural
develop a thesis and then conduct deep‐dive research to gain
2018. https://www.uscc.gov/sites/default/files/Research/