In December Saudi Arabia's oil minister Ali al-Naimi posed an interesting question: "Is there a black swan out there that we don't know about which will come by 2050 and we will have no demand?"
Obviously, we do not know the answer. However, it is almost certain that prospects for a big innovation that validates his anxiety have been increased by very high oil prices. This suggests that Saudi Arabia did itself no favours in the past by cutting production to support such prices.
Mr Naimi implicitly recognised this point in a speech he gave to the German-Arab Friendship Association in Berlin earlier this month.…
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