We noted a month ago that the long-awaited Saudi Aramco IPO, scheduled for mid-2018, could be delayed to 2019, but now, according to The FT, Aramco is considering shelving plans for an IPO altogether in favor of a private share sale to the world’s biggest sovereign wealth funds.
The FT notes that talks about a private sale to foreign governments – including China – and other investors have gathered pace in recent weeks, according to five people familiar with the IPO preparations, amid growing concerns about the feasibility of an international listing.
The Saudi state oil company has struggled to select a suitable international venue for its shares, as New York and London have vied for what has been billed as the largest ever flotation.
The company would still aim to list shares on the kingdom’s Tadawul exchange next year if they pursue the private sale, the people said.
The latest proposal by the company’s financial advisers was described by one of the people as a “face-saving” option for Saudi Aramco, which has worked on plans to list its shares internationally for more than a year.
Desk chatter included comments that the Saudis were anxious about the level of due diligence and transparency involved in a public offering.
A Saudi Aramco spokesperson said:
“A range of options, for the public listing of Saudi Aramco, continue to be held under active review. No decision has been made and the IPO process remains on track.”
The planned listing of a 5 per cent stake in Saudi Aramco is the centrepiece of an economic reform programme led by Saudi Arabia’s powerful crown prince Mohammed bin Salman, who is keen for a 2018 IPO. He has said the company could be worth $2tn although a Financial Times analysis put the valuation figure at around $1tn.
An economic recession in the kingdom is piling pressure on the prince, the king’s son and next in line for the throne, amid calls for the government to increase investment and ease austerity. As we noted previously, there could be more at play here…
Some analysts view the possible IPO delay as a sign of the problems Aramco and the Saudi government currently face. A lack of transparency, issues with its oil and gas reserves, and the role of the Saudi government as the main stakeholder have all been suggested as the reason for this possible delay. Most of these suggestions, however, are based purely on issues surrounding the IPO itself. The true reason for this delay, however, likely hides among the intricate societal and economic problems in the Kingdom.
One obvious reason for a delay is the still-fledgling global oil price. A higher price setting—above $60 per barrel—would surely drive up the overall interest in the IPO. As long as OPEC and non-OPEC members, such as Russia, are still struggling to get a grip on the oil market, the potential for disaster looms. Needless to say, an oil price slump would have a detrimental effect on the expected revenues of the IPO.
The analysts, it seems, feel no need to look any further than this simple oil price explanation, but several other key factors should be addressed…
The impact of an influx of $1-2 trillion into the current Saudi economy is bound to have a significant impact. The implementation of Saudi Vision 2030 is broad and ambitiously planned. A full diversification of the economy is needed to guarantee work and salaries for future young Saudis, with the end of government subsidies or handouts.
A multitrillion investment scheme in a rather small local economy will likely result in total disorder, inflation and possibly ineffective investment schemes. The attractiveness of investing the total amount could lead to staggering inflation, higher costs and superfluous projects being realized.
A delay of such an influx of cash seems to be more and more attractive, giving the Saudi government and local industries more time to adjust and put in place the right steps for a sustainable and commercially attractive economic future.
We previously indicated that China could step in as a financial savior. With around 8.5 million bpd of crude oil imports, which is 2.5 million bdp more than in 2014, the attractiveness of having a stake in Saudi Aramco is huge. Even though an energy diversification program is in place, China’s imports from Saudi Arabia are going to increase. For Beijing, a stake in one of its main suppliers is a very attractive proposition. It will not only lock in Saudi crude oil and petroleum product exports to China but it will also provide some additional political and strategic clout in the heart of the Middle East.
There will, of course, be a few big bankers who will be upset as their billion dollar fee/commission just went up in smoke, but this may give MBS some breathing room – without the undue attention of an IPO – as he deals with the nation’s economic slowdown. However, coming just a few days after the Saudi king’s trip to Moscow, the timing of this leaked information seems interesting at the least.
Anonymouse1 on Fri, 13th Oct 2017 3:03 pm
LoL
Mick on Fri, 13th Oct 2017 3:28 pm
who cares ! there main export in less than a decade will be sand and camels
rockman on Fri, 13th Oct 2017 3:50 pm
“He has said the company could be worth $2tn although a Financial Times analysis put the valuation figure at around $1tn.” Meaning what: if Aramco were sold the price tag would be $1T to $2T? That’s the only way that statement makes any sense. But selling stock in a company is a very different matter. Forget 5%…what would 100% of the stock in any company sell for? That number can only be based on two factors: the dividend yield and anticipated appreciation in stock value. And if a stock pays no dividend (I’ve yet to see any such proposal from Aramco) then appreciation is the only factor.
Which leads to the obvious question: if there’s no guarantee of there every being a dividend disbursement why would the price of a stock increase? And if you don’t expect the price of a stock to increase above what you paid for it and there was no dividend why would you buy it?
Folks should understand how the typical IPO works. The brokerage house handling the placement solicits UNDERWRITERS. Those are very large investors that each pledge to buy a very large % of the offering at a set price. BTW the brokerage house get a % of the pledge monies for its efforts: that’s why there was fierce competition for the job. If the total value of the pledge is not high enough the company’s owner cancels the IPO.
If that is what happened I doubt we’ll ever hear it stated publicly. So next question: why would the very sophisticated managers of those huge sovereign funds invest in Aramco stock unless there was a high confidence in the profit potential of doing so? Seems to be an easy answer…they wouldn’t. If Aramco does sell stock to sovereign funds I doubt the terms will ever be made public. But my guess it will look more like some sort of bond structure where the funds get some sort of fixed return. Or maybe a variable return tied to some oil price index.
If the eventual deal looks like anything I just described Aramco (IOW the Saudi govt) is just monetizing some of its future revenue stream…at a discount of what it is paying the funds. Which is essentially what corporate bonds accomplish. But that can lead to a tradable commodity. Depending on the security of the bond they can sell at a discount…some times a huge discount. Some years ago when the Greek economy was very shaky its low yield bonds sold at such a big discount they represented a 60% rate of return. That is if they were paid off and the govt didn’t default on the debt.
Sovereign funds tend to very conservative in their investments.
rockman on Fri, 13th Oct 2017 4:09 pm
“there main export in less than a decade will be sand and camels” Depending on the price of oil and the production rate the Saudi govt could be receiving significantly more revenue then it is today. Thanks to price increases in just 10 years (1999-2009) the Saudi oil revenue increased 300%. In 2015 it is still significantly higher then it was in 1999.
I have no idea what oil will be selling for in 2027. But there is no uncertainty that Saudi Arabia will be selling a f*cking sh*t load of oil. So whatever the oil price might be in 2027 the Saudi govt will be taking in a f*cking sh*t load of money from its oil exports. LOL.
MASTERMIND on Fri, 13th Oct 2017 5:09 pm
Mad Kat your president is a clown. And if he wants trouble with the USA or tries to humiliated us. Your little island will be crushed.
Philippines president Duterte threatens to expel EU ambassadors in 24 hours
https://www.theguardian.com/world/2017/oct/13/philippines-president-duterte-threatens-to-expel-eu-ambassadors-in-24-hours?utm_term=Autofeed&CMP=twt_b-gdnnews#link_time=1507900106
MASTERMIND on Fri, 13th Oct 2017 5:13 pm
rockman you dumbshit you will be dead in a decade from now.
NASA Study: Industrial Civilization is headed for Irreversible Collapse (Motesharrei, 2012)
http://jayhanson.us/_Biology/OvershootCollapse.pdf
Limits to Growth was right. Research study shows we’re nearing global collapse (Turner, 2014)
http://sustainable.unimelb.edu.au/sites/default/files/docs/MSSI-ResearchPaper-4_Turner_2014.pdf
Financial System Supply-Chain Cross-Contagion: Study in Global Systemic Collapse (Korowicz, 2012)
http://www.feasta.org/wp-content/uploads/2012/10/Trade_Off_Korowicz.pdf
Mick on Fri, 13th Oct 2017 5:41 pm
Sorry rockman but the Saudis won’t be making a f$&king shit load of money by 2027 with there population increasing to about 38 mil and there domestic oil consumption also increasing rapidly there won’t be much cream off the top to sell .
makati1 on Fri, 13th Oct 2017 5:43 pm
Muddymind, China will not let the US do anything serious in it’s neighborhood. The US is a paper tiger and the world is beginning to realize that.
The US is the country run by clowns and demented old men. Duterte is the first president here in a long time, that was not owned by the US. I support him 100% as does most of his citizens. You cannot say that about the US Clown president. The US is in chaos and it will only get worse as it is taken down from within.
Duterte is moving toward the future. China and Russia will lead the world soon and he knows it. All he needs to do now is kick the US ‘advisors’ out of Mindanao. He is also negotiating to buy Russian weapons and is working out oil deals with China. He knows that The US government is just a bunch of liars and thieves that no longer obey international laws.
makati1 on Fri, 13th Oct 2017 6:06 pm
“hina and Russia have been increasingly growing closer and closer as the years go on. They have been forced into this uncanny partnership due to the numerous economic sanctions placed on Russia and the ratcheting rhetoric used against China. …
Russia, luckily, has a massive reserve of oil under the ground, being the world’s largest producer of oil in the world, and China needs it to keep its economic engine running. Both have large reserves of gold both in the ground and in stockpile.
Therefore, it comes as no surprise to anyone following this story to see that both countries are once again moving even closer together, supplanting the need to settle in USD, and establishing the first ever Yuan to Ruble payment system. … They know this, and they know that the West is ultimately powerless to stop them, as they forge their alliance and plan for the eventual day when it is “their turn” to hop on board the ride and instill their own reserve currency, one that many speculate will be tied to a basket of hard assets, including gold and oil.”
http://www.zerohedge.com/news/2017-10-13/russia-and-china-strengthen-their-alliance-weakening-us-dollar-process
makati1 on Fri, 13th Oct 2017 6:24 pm
The US is being destroyed from within.
“It’s pretty hard to hope for unity when our halls of higher education are hard at work creating a generation of young people who hate everything for which America stands. … “Antifa is good,” they said. “If you are against Antifa, that means you are FOR fascism,” they opined. Obviously, that is a fallacy of relevance, because instead of arguing a point, it misrepresents the opposing opinion. But to the people who want to believe that anyone who differs is the enemy, it holds more weight than a tank full of actual evidence. … At some point, government crackdowns will begin. We could be looking at martial law to quell the violence and tanks rolling through our streets. If things continue to escalate with this so-called “justifiable violence,” we’re going to be facing the ugliest time in American history. as violence begets further violence.”
http://www.zerohedge.com/news/2017-10-13/meet-6-college-professors-who-promote-violence
And the divide and conquer continues…
MASTERMIND on Fri, 13th Oct 2017 6:27 pm
makati1 -your sources are fake news. Not scholarly like I provided. And you call Americans brainwashed and you just said you support your internationally disgraced president 100%…. Just remember this Mak “Once you give a dictator power over you, you almost never get it back”
MASTERMIND on Fri, 13th Oct 2017 6:30 pm
makati1 – LOL another Zerohedge nonsense. written by Tyler Durden he is a real hard ass isn’t he Mak? I bet you can project your own imagine onto Tylers and feel pretty good about yourself can’t you? WOW they found 6 professors who support anarchist movements. Out of thousands of professors nationally. WOW
Davy on Fri, 13th Oct 2017 6:35 pm
Mad kat, it is not that bad here. You are going off into the deep end of too much extremist reading. You are losing touch with reality. While some of these constant ZH news is happening it is not enough for you to become an anti-American Zerohedge zombie. Yea, I read ZH often looking for some of their better financial feeds but come on you are really just parroting article after article of anti-American news. Get a grip on you intellectual life you are descending into irrelevance. SAD
makati1 on Fri, 13th Oct 2017 6:54 pm
MM, look in the mirror. ““Once you give a dictator power over you, you almost never get it back…” It is YOU who have the dictator, not me. It is you who ignores the constitution and Bill of Rights, not to mention international law. Quit sucking up that propaganda and you might see reality. Duterte still answers to his citizens. Trump does not.
makati1 on Fri, 13th Oct 2017 6:57 pm
Davy prove to me that the posts about decaying America are not true. You cannot because they are. You can deny it all you want. You can try to change facts by ‘killing’ the messenger, but they do not change. Most of the world is anxious for the empire to fall so it stops meddling and killing. Today would be just fine for that to happen.
makati1 on Fri, 13th Oct 2017 7:01 pm
Davy and MM, prove I am wrong. The US is in chaos and it is getting worse. It is dying from self caused internal bleeding. Your government is insane and so corrupt you make a 3rd world government look saintly.
You try to putdown the facts because they are too painful for you to accept. So be it. I am watching the decline from my vantage point 8,000 miles away. Outside the USMSM Iron Curtain. And the view is clear. The US is going down.
Davy on Fri, 13th Oct 2017 7:05 pm
Mad kat, it’s not that they are not true it is you are not presenting the truth. Big difference and one you have problems with. Please spare me the “killing the messenger” BS. Most of the world is preoccupied with survival and making a living they are not in some Star Wars fantasy about the empire. Mad kat, you are losing your mind. You need to be reality testing and you are not. You need balance and you have none. You are illegitimate.
makati1 on Fri, 13th Oct 2017 7:10 pm
“Capital Hill’s Personal Pharmacist Admits Alzheimer Drugs Are Being Delivered To Members Of Congress”
http://planetfreewill.com/capital-hills-personal-pharmacist-admits-alzheimer-drugs-delivered-members-congress/
“CDC Says Americans Are Fatter Than Ever Before; 40% Of Adults Now Considered Obese”
http://www.zerohedge.com/news/2017-10-13/cdc-says-americans-are-fatter-ever-40-adults-now-considered-obese
“”Worse Than Big Tobacco”: How Big Pharma Fuels The Opioid Epidemic”
“https://www.ineteconomics.org/perspectives/blog/worse-than-big-tobacco-how-big-pharma-fuels-the-opioid-epidemic”
The US is committing suicide in so many ways.
MASTERMIND on Fri, 13th Oct 2017 7:14 pm
Madkat1 your president compared himself to Hitler. He has been disgraced internationally because of this. And you support someone like that 100%…WOW its always the people who accuse others of things that they themselves are guilty about it. Its called a misnomer. But hey if you want to worship your dear leader with 100 percent. Ill have to leave you with your certainty.
makati1 on Fri, 13th Oct 2017 7:18 pm
“…it’s not that they are not true it is you are not presenting the truth.”
How can it be true and not true? Truth is truth. You just don’t like me to post it and make it obvious. Most of the world is not raping and killing like the US. Most of the world is not wasting five times their share of resources like the Us. Most of the world wants the US put down as in dead. Those are FACTS! Me included. I do not deny it. The sooner the US is brought to it’s knees, the sooner the rest of the world can try to live in peace.
I don’t care what you think. It is your sanity, not mine that is in question. You have a very deep need to dominate. Probably your 1%er upbringing, but it is typical of the elite. It is failing and you are getting desperate to prove your superiority. Too bad it will never work.
MASTERMIND on Fri, 13th Oct 2017 7:19 pm
makati1
Existing oil reserves are scheduled to begin a massive crash within 1 to 3 years. When it hits the economic and social damage will be catastrophic. The end of Western Civilization, from China to Europe, to the US, will not occur when oil runs out. The economic and social chaos will occur when supplies are merely reduced sufficiently.
makati1 on Fri, 13th Oct 2017 7:20 pm
MM, dream on. You are not proving anything. Parroting the US propaganda. Come here and live and see what the Ps is really like. The truth will set you free.
Disgraced internationally? Look at Trump. Nuff said.
makati1 on Fri, 13th Oct 2017 7:24 pm
MM and why id China building reserves? The US is selling off its reserves. Why, if there is going to be a collapse in oil production? Insanity or part of the plan to level the US?
China is buying up oil supplies and fields all over the world. Buying, not trying to steal like the US is doing. It is the US that will be in the most pain. Wait and see.
Davy on Fri, 13th Oct 2017 7:27 pm
Mad kat, you can present something that is true out of context, exaggerated, and without support. When this is done in the extreme it is a warping of the truth and often not true. That is what you are doing and why you are illegitimate.
Davy on Fri, 13th Oct 2017 7:32 pm
Mad kat, the Zerohedge article on fat Americans you posted twice. Did you buys some Filipino meth today? Your starting to act like you are on drugs.
Cloggie on Fri, 13th Oct 2017 7:48 pm
“Existing oil reserves are scheduled to begin a massive crash within 1 to 3 years. ”
Oh the nostalgia! They still exist, these scenic Richard Heinberg warriors like “mastermind”. Not even RH himself believes this nonsense anymore.
Duncan Idaho on Fri, 13th Oct 2017 8:10 pm
“My grandfather rode a camel, my father rode a camel, I drive a Mercedes, my son drives a Land Rover, his son will drive a Land Rover, but his son will ride a camel”
makati1 on Fri, 13th Oct 2017 8:10 pm
I posted it twice because I wanted to. I proves a lot about Americans. Greedy, selfish, uneducated, and stress filled fools. The only ‘drug’ I rake is a one a day vitamin/mineral tablet. No need or use for any others. Sorry.
Yep! You should know about ‘out of context’ as the USMSM is full of it. Nothing presented there is ever fact, just spin. So you are saying tat the US sources are illegitimate? You are 100% correct!
Davy on Fri, 13th Oct 2017 8:14 pm
You are active drugged up, mad kat. I watch you daily. Something is not right. Are you drinking maybe. Too many San Miguel ?
makati1 on Fri, 13th Oct 2017 8:16 pm
Enjoy your delusion, Davy. They are getting seriously off base, even for you. Maybe you need to change your meds? See a shrink? LMAO
MASTERMIND on Fri, 13th Oct 2017 8:27 pm
Madkat
So much for China’s silk road scheme. LOL And their oil is predicted to peak next year. Ouch..LOL Pure magical thinking if you think they could replace the USA.
China’s Xi’s Silk Road Dream May Need Lot More Than One Dollar-Debt Sale
https://www.bloomberg.com/news/articles/2017-10-13/xi-s-silk-road-dream-may-need-lot-more-than-one-dollar-debt-sale?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social
Northwest Resident on Fri, 13th Oct 2017 8:46 pm
makati1 — While it is true that there are a lot of “Greedy, selfish, uneducated, and stress filled fools” in America, the same can be said for every country. And it can also be said that there are a lot of fit, educated, healthy, altruistic and kind Americans — no doubt the same in many other countries. Your generalizations about Americans, your obsession with how “bad” Americans are, while ignoring the fact that there are just as bad or worse people all around the world, marks you clearly as having zero perspective. My girlfriend is Filipina, I know lots of people from the Philippines, many are stupid, fat, selfish, greedy, and many are pretty nice people. Get a grip.
makati1 on Fri, 13th Oct 2017 8:59 pm
MM, what oil? They buy most of it from Russia, Venezuela, the Saudis, etc. Why do they worry about what is in their country? They are now negotiating with the Ps to developer a shared field in the SCS.
BTW: Bloomberg is not a very good source of facts about Asia.
makati1 on Fri, 13th Oct 2017 9:09 pm
NWR, dream on. The military is having a difficult time finding those “fit, healthy men” to fill the gaps widening in their troops.
“Approximately 71% of the 34 million 17-to-24-year-olds in the U.S. would not qualify for military service because of reasons related to health, physical appearance and educational background, according to the Pentagon.”
http://time.com/2938158/youth-fail-to-qualify-military-service/
The concentration of “bad” is in the US these days. Most are greedy, fat, uneducated and not worth their dinner.
Do I need to list more articles/facts to prove my point? The internet is full of them. I see it every time I go back to visit. It’s always more and more noticeable. If you live in the pot of heating water, you may not feel the change, but if you just visit the pot occasionally, you feel the heat increasing. It is fast approaching the boiling point.
Do you visit the Ps often? Or do you live in the US with a comfy job, and all the ‘stuff’ Americans think they need? Move here and then tell me about the Ps being the same as the US.
MASTERMIND on Fri, 13th Oct 2017 9:16 pm
Yes NW Resident great points. The US is obviously in decline but the truth is it has been slowing declining for about 3 or more decades now…If it wasn’t for the massive oil shortages coming soon. Things in America could most likely keep regressing for another couple decades most likely. And the US still has tons of shale oil and the saudi’s and Canada and Iraq to get our oil from. Asia is screwed.
MASTERMIND on Fri, 13th Oct 2017 9:24 pm
makati1
If china’s oil production peaks next year then they will need at least a few million barrels a day a year to cover the gap. You can’t just call up any country in the world including the saudi’s and expect them to just fill up enough oil tankers for an extra one million or more barrels every day. The saudi’s are the only country that has any spare capacity and its at an almost all time low right now. And the study also said they would peak in their coal production by 2020. Another huge problem to deal with. Face it Loser China came to the party way too late…
MASTERMIND on Fri, 13th Oct 2017 9:25 pm
China’s Oil Production About to Peak in 2018: That’s a Very Big Deal
https://www.alternet.org/world/chinas-oil-production-about-peak?akid=16174.2689436.8ICjmS&rd=1&src=newsletter1083484&t=34
makati1 on Fri, 13th Oct 2017 9:40 pm
There are more oil countries than the Saudis. And if the Chinese offer more $$$, they can buy oil away from the other buyers.
The US can only pump oil until the corporations go broke. That will happen when the SHTF. No profits, no oil. China does not have that problem. The Chinese government owns the oil companies there.
Besides, $3T+ will buy ~600 billion barrels of oil. They have that in the bank, not the printing press. Plus, the US sends China about $300B per year in trade surplus. Not to mention billions in interest on the USTs that China owns that are part of the US national debt. Plenty of money to buy oil.
MASTERMIND on Fri, 13th Oct 2017 10:12 pm
makati1
Its not the money you dimwit its the available amount of supplies. Where are they going to get the extra oil?
MASTERMIND on Fri, 13th Oct 2017 10:14 pm
Madkat
New Oil discoveries by scientists have been declining since 1965 and last year was the lowest in history –IEA
http://imgur.com/a/W60yn
There’s no where for Asia to get any oil from. Because it doesn’t exist only in your elderly fantasy land.
JuanP on Fri, 13th Oct 2017 10:34 pm
I always expected Saudi Aramco’s IPO to fail. It was never a practical idea. Maybe China will buy a part of it to lock in some Saudi oil exports and getrid of some of the US Dollars it has. It would make sense to trade overvalued US Dollars for Saudi oil. I don’t see many other potential big buyers. If this deal went through we would most likely never know what the Chinese paid for it.
JuanP on Fri, 13th Oct 2017 10:42 pm
And Saudi Arabia will not diversify its economy successfully. This prince is an imbecile, narcissistic, psychopathic, murdering prick and will fail completely. Saudi Arabia will get worse and worse for the foreseeable future. They have a long, long way to fall. In the future, they will miss their cars and camels when they are forced to walk because they no longer have food and water for camels or oil for cars. We will live to see this happen in a couple of decades at the most.
makati1 on Fri, 13th Oct 2017 10:52 pm
Funny, Venezuela still has most of the recoverable petroleum that is left. And Iran has a lot also since it has not been able to sell much lately. Ditto for Russia. Amounts left in bbls:
1 Venezuela 300,000,000,000 1 January 2016 est.
2 Saudi Arabia 269,000,000,000 1 January 2016 est.
3 Canada 171,000,000,000 1 January 2016 est.
4 Iran 157,800,000,000 1 January 2016 est.
5 Iraq 143,000,000,000 1 January 2016 est.
6 Kuwait 104,000,000,000 1 January 2016 est.
7 United Arab Emirates 98,000,000,000 1 January 2016 est.
8 Russia 80,000,000,000 1 January 2016 est.
9 Libya 48,360,000,000 1 January 2016 est.
10 Nigeria 37,000,000,000 1 January 2016 est.
11 United States 36,520,000,000 1 January 2014 est.
12 Kazakhstan 30,000,000,000 1 January 2016 est.
13 China 25,000,000,000 1 January 2016 est.
14 Qatar 25,000,000,000 1 January 2016 est.
15 Brazil 16,000,000,000 1 January 2016 est.
16 Algeria 12,000,000,000 1 January 2016 est.
Etc.
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2244rank.html
“Crude oil – proved reserves is the stock of proved reserves of crude oil, in barrels (bbl). Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions.”
That seems like a lot of years to go before the recoverable oil is gone. Maybe decades. But we will not be able to afford it in the debtor countries.
makati1 on Fri, 13th Oct 2017 10:54 pm
BTW: Do you notice the correlation between the countries the US is invading/threatening and the amount of oil they have? LOl
MASTERMIND on Fri, 13th Oct 2017 11:13 pm
NASA Study: Industrial Civilization is headed for Irreversible Collapse (Motesharrei, 2012)
http://jayhanson.us/_Biology/OvershootCollapse.pdf
UK Royal Society Study: Now, for the First Time, a Global Collapse Appears Likely (Ehrlich, 2013)
http://rspb.royalsocietypublishing.org/content/280/1754/20122845
Study: Limits to Growth was Right. Research shows we’re nearing Global Collapse (Turner, 2014)
http://sustainable.unimelb.edu.au/sites/default/files/docs/MSSI-ResearchPaper-4_Turner_2014.pdf
Study: Financial System Supply-Chain Cross-Contagion: in Global Systemic Collapse (Korowicz, 2012)
http://www.feasta.org/wp-content/uploads/2012/10/Trade_Off_Korowicz.pdf
The End of the Human Race will be that it will Eventually Die of Civilization –Ralph W Emerson
Madmat don’t you get it my fitly friend. This is a global collapse this time for the very first time. Ashes to Ashes we all fall down..
MASTERMIND on Fri, 13th Oct 2017 11:18 pm
makati1
CIA and the US government for your source Madkat. LMFAO!!!
BP 1.7 Trillion barrels proven oil reserves NOT so proven
http://crudeoilpeak.info/oil-reserves-and-resources-as-function-of-oil-price
Saudi Arabian oil reserves are overstated by 40% – Wikileaks
https://www.theguardian.com/business/2011/feb/08/saudi-oil-reserves-overstated-wikileaks
MASTERMIND on Fri, 13th Oct 2017 11:22 pm
IEA Chief warns of world oil shortages by 2020 as discoveries fall to record lows
https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000
Saudi Arabia’s Energy Minister Warns of World Oil Shortages Ahead
https://www.wsj.com/articles/saudi-minister-sees-end-of-oil-price-slump-1476870790
UAE warns of world oil shortages ahead by 2020 due to industry spending cuts
http://www.arabianindustry.com/oil-gas/news/2016/nov/6/more-spending-cuts-as-uae-predicts-oil-shortages-5531344/
Saudi Aramco CEO believes oil shortage coming despite U.S. shale boom
http://www.foxbusiness.com/markets/2017/07/10/saudi-aramco-ceo-believes-oil-shortage-coming-despite-u-s-shale-boom.html
Chevron CEO warns US shale oil alone cannot meet the world’s growing demand for crude
https://www.cnbc.com/2017/05/01/us-shale-cannot-meet-the-worlds-growing-oil-demand-chevron-ceo-warns.html
HSBC Global Bank warns 80% of the worlds conventional fields are declining and world oil shortages ahead
https://www.research.hsbc.com/R/24/vzchQwb
UC Davis Study: It Will Take 131 Years to Replace Oil, And We’ve Only Got 2 until Peak (Malyshkina, 2010)
http://pubs.acs.org/doi/abs/10.1021/es100730q
Australian Government (Leaked) Peak oil study concludes world peak oil around 2017
https://web.archive.org/web/20170415190328/https://www.aspo-australia.org.au/References/Bruce/BITRE-Report-117-Oil_supply_trends-2009.pdf
German Government (leaked) Peak Oil study concludes: oil is used directly or indirectly in the production of 90% of all manufactured products, so a shortage of oil would collapse the world economy & world governments
https://www.permaculture.org.au/files/Peak%20Oil_Study%20EN.pdf
Boat on Fri, 13th Oct 2017 11:34 pm
mak,
Why do you think we have troops in Nigeria.
rockman on Fri, 13th Oct 2017 11:42 pm
Cloggie – “Existing oil reserves are scheduled to begin a massive crash within 1 to 3 years.”. Yes, it is amazing. Some are so focused on their delusional fantasy they can’t even understand well documented facts and see how such a statement is rediculous. The good news is that when that “massive crash” doesn’t begin on “schedule” they’ll be too embarrassed to hang around this site.
makati1 on Fri, 13th Oct 2017 11:43 pm
MM It is as good as any other source of oil info. They are all lies. No way to tell how much is really left. They are either selling something or covering up something. Oil people are oily. But i Don’t care if it ends tomorrow. The world existed before oil and it will continue to exist.