It appears the EV industry is having 'some' effect on the oil...

It appears the EV industry is having 'some' effect on the oil sector so it must be a little bit real me thinks ... lol
Aramco's flop a sobering moment for Opec

With the world turning their energy policies on its head, these oil exporters are now on borrowed time

The sale of the century has ended in farce. The modest sums raised from the "privatisation" of Saudi Aramco will barely cover the kingdom's fiscal deficit for six months.

The $US25bn haul will not make any impact on Prince Mohammed bin Salman's Vision 2030, his theatrical plan to break oil addiction and diversify into everything from car plants to weapons production. Nor will it go far to launch NEOM, his robotic half-trillion dollar white elephant on the Red Sea.

At least there was doubt before about the predicament facing the House of Saud. Now there can be none.
Industry on borrowed time

Its world outlook this month scoffs at the electrification threat.

Oil and gas will continue to make up 53pc of the global energy mix in 20 years, much as today. This is an extraordinary claim. It ignores the scientific alarm call of the Intergovernmental Panel on Climate Change. It ignores the certainty of a global Pigovian carbon tax, as proposed by the IMF last month. It ignores the likelihood of a sales ban on fossil-based cars in Europe, China, India, and bicoastal America within a decade. It ignores the regulatory sledgehammer that is crashing down. It ignores the volcanic shift in political opinion under way.

The world's oil industry is on borrowed political time. It is in financial run-off.
The Saudi regime should have spent less effort trying to subvert global climate summits a decade ago and more listening to what was being said.

Had Aramco been up for sale before the world had woken up to climate science and was still talking about insatiable Asian demand for oil, the Saudis could have future-proofed their country. They could even have salted away enough to cover Prince Mohammed's Ozymandian dreams. They waited too long.



GLTAH