The US, Israeli & Saudi Governments Have Manufactured A Revolution In Iraq
Never forget. America, Israel and Saudi Arabia are the real axis of evil.
Let the KSA be defended against Iran, by the USA.
The US, Israeli & Saudi Governments Have Manufactured A Revolution In Iraq
Never forget. America, Israel and Saudi Arabia are the real axis of evil.
cool story about the IPO in Bloomberg today:
https://www.bloomberg.com/news/artic...rillion-bubble
He might be right. Oil looking pretty bullish for 2020 with financial industry demanding shale producers actually make money now instead of racking up more debt. US Oil rig count is down to 663 from 877 a year ago. I think the EIA is way overestimating US production in 2020.“Those who have not subscribed in Aramco will be chewing their thumb to the point that I will be worried about them that they go and fix themselves in the hospital,” the oil minister said later in an interview.
There is a reason autocratic leadership styles are an organizational risk, and one I look for in my audits. "yes men" = bad decisions“Saudi Arabia has always had this problem: top-down decision making,” said Karen Young, a Middle East specialist at the American Enterprise Ins ute in Washington and a specialist in the political economy of the Middle East. “There’s a culture of fear. Savvy and able technocrats don’t feel comfortable speaking up.”
Sound familiar?
US Defense Secretary Shamelessly Covers For Saudí Terrórists
In good conscience I won't click any Youtube link you provide without knowing something about it beforehand, who is that?
Price war, pandemic and outsized dividends have Saudi Aramco underwater:
https://oilprice.com/Energy/Energy-G...-Billions.htmlAs a direct result of MbS deciding to go ahead with yet another oil price war at the same time as the COVID-19 pandemic was gathering pace and destroying demand for oil, Aramco’s finances have suffered a massive hit. For the first half of this year, the company saw a 50 percent plunge in net profit and at the beginning of this month, it reported another massive drop in profits of 44.6 percent for the third quarter, falling to SAR44.21 billion (US$11.79 billion) from SAR79.84 billion in the same period last year. On the other side of the balance sheet, though, is the stark fact that because the company’s IPO was so toxic on so many levels that it was shunned by Western investors and had to be off-loaded to buyers who were either bullied or bribed into buying the stockAramco is left having to pay massive guaranteed dividend payments for the foreseeable future to those shareholders.
https://www.bloomberg.com/quote/ARAMCO:AB
Trading at about 35, below the IPO
Whatever the cuts, it remains the case that the first two dividends together for the first two quarters of this year – US$37.5 billion – far outstripped Aramco’s total free cash flow of US$21.1 billion for the same period. The latest profits number for the third quarter, meanwhile, covers just 62.88 percent of the dividend payment, never mind any other expenses or investment for projects ongoing or planned that Aramco may have had in mind. To put this even more clearly: Aramco’s entire profit for the third quarter cannot even cover the dividend it owes for the same quarter, not even two-thirds of it!
not sustainable for the long term.Moreover, judging from last week’s bond sale by Aramco, it appears that even those investors who have been willing to buy the company’s paper - so increasing their risk exposure to not just to the omni-toxic Aramco but also to Saudi as a sovereign issuer - might be reaching the limit of their appe e for either. Saudi had been looking to raise US$8 billion from the five-part bond deal, which it did, but crucially it attracted just US$48.1 billion in orders for the debt sale, less than half of the amount that it received for its debut bond sale last year when it raised US$12 billion. Even more indicative of increasing investor caution in taking on more exposure to Saudi risk – especially that of the increasingly indebted (bonds plus dividend obligations plus revolving credit lines) Aramco – is that in last year’s bond sale Aramco was able to price the bonds at a tighter spread to the benchmark than Saudi sovereign debt but this time Aramco’s bonds were priced wider.
second wave of covid world wide will cause more demand destruction.
Aramco mulls pipeline sale:
https://oilprice.com/Latest-Energy-N...aise-Cash.htmlThe situation is dire for Crown Prince Mohammed bin Salman, who has promised to diversify the economy away from oil by 2030—a plan which relies on Aramco revenues to bring to fruition.
Aramco has already cut CAPEX, and this stake sale is the next logical step.
I like my $1.69 gas tbh
do never want to go back to the days of >$3 a gallon (worst coast notwithstanding).
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