But it’s not just the big name oil producers that are feeling the pinch. The next phase of the oil glut and crash is being felt by the petroleum engineers who were enticed by the promise of the $100000+ starting salaries that were attainable just a few years ago.
by James Corbett
The International Forecaster
Late last year I wrote about the “Oil World Order” and the changing face of the oiligarch-driven economy. It’s been less than half a year since that editorial and things have already changed dramatically. In fact, the ongoing oil rout has assured that there are headline-making news stories coming out of the oil markets seemingly every single day.
[…] Case in point: Saudi Deputy Crown Prince Mohammed bin Salman, the son of King Salman, made headlines this week by confirming that the Saudi government was going to be converting state-owned Saudi Aramco into a holding company with an elected board. As part of that, there will be an initial public offering on a share representing less than 5% of the company that is expected to net over $2 trillion.
This move is perhaps unsurprising given the abysmal state of the oil markets right now and the longer term plans to reduce oil consumption in the coming decades, but it is still a market-shaking development that would have been the sole point of discussion in the industry at any other point in history. But this is not any other point in history. Instead, we have a slew of massive stories this week to contend with.