aramco

Saudi Aramco Ceo Warns An Financial Rebound Will Kill Off Spare Oil Capacity

Immediately after a dispute with the then Saudi King Abdulaziz, the firm started to share half of its income with the Saudi Arabian States. As a result of the Yom Kippur war of 1973, Arab oil producing states imposed an oil embargo towards nations supporting Israel for the duration of the conflict. In the aftermath, the Saudi Arabian government steadily started to nationalize Saudi Aramco and as of 1981 it became 100 % state-owned. Saudi Arabia is these days a rentier state, as 23 percent of its GDP is generated from oil rent. From late February through June, crude oil...