The world’s largest oil company, state-held Saudi Aramco, is looking to withstand the crisis created by the worst oil demand crash in history— by doubling down on oil . Saudi Aramco is determined to outlast peak oil demand—whenever this occurs—and to squeeze every dollar it can from its portfolio and from Saudi Arabia’s remaining oil reserves. Unlike many major international oil companies, the Saudi state giant is not pledging a shift to low-carbon energy or net-zero emissions. Its core business is pumping low-cost oil in Saudi Arabia, and it will remain such for as long as the world needs oil. But just like Big Oil, Saudi Aramco listens to its shareholders. The caveat is that Aramco’s majority shareholder with an overwhelming 98 percent is the Kingdom of Saudi Arabia, which—even after the much-hyped IPO last year—continues to influence the company’s strategy, taxation, dividend policy, and even the level of […]