Energy Mixes Shift But Fossils Remain King

The world’s most valuable company is not Apple, Google, or Amazon. It’s an oil company, and it’s about to go public. Saudi Aramco, the Saudi Arabian state energy goliath, is preparing for an initial public offering in 2018. Depending on who you ask, its valuation will be somewhere between $250 billion and $2 trillion. The discrepancy in estimates stems, at least in part, from oil and predictions of its long-term future as the world’s foremost energy source. How much oil does the world’s largest oil company produce? ExxonMobil, the largest U.S. oil company, pumps 2.5 million barrels per day. Saudi Aramco pumps over 10 million barrels per day, roughly equivalent to one of every eight barrels globally produced. Two of its biggest customers, China and the U.S., each purchase over one million barrels of Aramco oil per day. Even if they ceased production today, BP’s Statistical Review of World […]

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