$12 target, page-130

Everyone seems to be reading the Saudis as aiming at Iran, Shalers and maybe Russia. Maybe all that is just a bonus. Consider that the electric car /hybrid cars are growing on us, battery prices are coming down etc (not to mention fusion reactors, efficient solar...) Even if nations only do a minimum more than they have been in low carbon electricity generation, the transport sector is an easy target (California has shown they can go it alone, just on the basis of increased efficiency of vehicles). Maybe the Saudis figure (despite their own prognostications in their outlook report) that there will be more electric vehicles around fairly soon. Driverless cars and shared cars also represent a big fuel saving even in conventional cars; they may also figure their oil in the ground is not likely to be worth as much in the future as they can get from floating ARAMCO now. They may have how many years supply at present pumping rates?? The tail end of all those reserves is looking very iffy economically, in Russia, and elsewhere, too. Peak oil predictions were wrong because they looked only at conventional oil, and not too deep oil at that, but we may be seeing peak oil demand right now.

In any case, BHP has a lot of top tier assets. Think of all those minerals in electric cars...