Aramco Is Selling the Company to Pay the Dividend
Saudi Aramco has monetised $38.9bn of midstream infrastructure since 2021, with up to $46.5bn more reported in preparation. Set against $87.6bn of guided 2026 dividends, the whole programme is worth less than one year of the payout.
Saudi Arabia Is Selling Less Oil for More Money. It Is Still Short.
Saudi oil revenue rose 22% year on year in the second quarter of 2026 while crude output fell to 6.70 million barrels a day and oil GDP contracted 24.7%. A quarter-by-quarter decomposition of price, volume and the official selling price differential — and why the offset stops working.
Saudi Arabia's Debt Is Rising Faster Than Anyone Forecast
Saudi Arabia's central government debt reached SAR1,667bn by March 2026, up SAR148bn in one quarter. The NDMC's own borrowing plan, the maturity wall it discloses and the deficit run-rate together describe a debt-to-GDP path that no published forecast has drawn.
The Riyal Peg Just Had Its Hardest Year. It Held.
The riyal has traded at 3.75 to the dollar since June 1986. Through a regional war, two closures of the Strait of Hormuz and a 4.8% GDP contraction, one-year forwards on 30 July 2026 priced 80 points — a fraction of the 2016 stress. This is what the market, the reserves and the arithmetic actually say.
The War Dividend: Aramco’s $33.6 Billion Quarter and the Oil Dependency Vision 2030 Cannot Escape
Aramco’s Q1 2026 profit surge, East-West Pipeline rerouting, and Saudi fiscal deficit expose the central contradiction of Vision 2030: the post-oil transformation still runs on oil.
The $113 Paradox: Saudi Arabia Needs Record Oil Prices to Fund the Plan to Not Need Oil
Saudi Arabia needs $96/barrel to balance its budget and $113 to fund Vision 2030. Analysis of the fiscal arithmetic that doesn't add up.