04-29-2016, 01:23 AM
From what I've seen is that Aramco might be worth $2 trillion, and the Saudi's are only going to sell a fraction of it as they don't want to lose control
I don't think I've ever witnessed people shooting themselves in the foot the way the Saudi's have done recently. They could have kept the oil price up. Yes, they would have gradually lost market share and control, but if you make back of the envelope calculations of the rents they could have accumulated at $90-$100 oil, they would have had their sovereign wealth fund right there. It's an extraordinary mistake, IMHO and I've argued this before (here)