The Rising Influence of Rising Affluence

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Not a surprise at all. It is cheaper to buy production on the stock exchange so why not. As for getting out of refining, I think it was the right decision at the time and will be for the long term. All you have to do is look at a map of Ghawar. If memory serves, it took less than 100 wells in the old days to produce the majority of Aramco output. The current well map looks like tapioca pudding. And whatever happen to the new Ghawar named Kashagan. The majors will have to be very careful about how they spend their money and where they want to make it. The next up cycle could be the last good one.