Aramco IPO may never get off the launch pad. My wild guess is that if SA wants value of out their reserves, they need to drive prices down below the cost of shale for as long as they can. Then the reserves may find buyers on the rebound back to equilibrium pricing which is marginal cost of shale. I know that's counter intuitive but I don't see a way out for them. I also see ME exports going up even if ME production stays flat.
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