I’m absolutely amazed by the Economist articles and interviews with the Saudi deputy crown prince Muhammad bin Salman.
Obviously he/they belive the price of oil will never be higher than today again. Otherwise there would be no better bank than keeping the oil where it is. So they plan to use the Big Banks to sell the soon-to-be-worthless oil fields to the pension funds of the world… Actually I have to admire it. Brilliant move. Probobly advised by McKinsey (as mentioned in the Economist article and interview here and here).
The Economists is actually on the right track. Look:
Another threat is alternative forms of energy, such as wind and solar, which may well challenge fossil fuels. Selling shares in Saudi Aramco could thus be intended to cash in before the “decarbonisation” of the economy starts to gain credibility. It would also fit with a trend that has started to transform the oil industry for the first time in half a century—denationalisation.
Only question for the Saudi prince is: If there is time enough?