That i do not think we have ever seen before a president who has doubled down on violating his oath to faithfully execute the laws and to protect and defend the constitution this president has attacked each of the constitutions safeguards against establishing a monarchy in this country in the simplest possible terms the president put his personal game ahead of the National Security interest its better to be on t. V. Than by for being the 4th scholar said if trump had tried to force ukraine to investigate a political rival in exchange for military aid it would be impeachable but the scholar wednesdays sole republican witness testified the case against trump has not been proven this would be the 1st impeachment in history where there would be considerable debate in my view not compelling evidence of the commission of a crime more than a dozen white house and state department professionals have testified that trump used the power of his office to pressure ukraine to open an investigation into joe biden a potential political rival in the upcoming us president ial election the House Intelligence Committee drafted a report saying there was overwhelming evidence for this including trumps own words in a phone call with the president of ukraine thats not politics as usual at least not in the United States or not in any mature democracy trump says the law professors called by democrats represent the liberal left but he declined to testify himself and refused to send white House Attorneys to represent his case for innocence what theyre doing is a very bad thing for our country its of no merik. The Republican Party has there ever been more unified ever trump is counting on republicans who control the senate to acquit him of wrongdoing in an eventual impeachment trial heidi castro aljazeera washington the pentagon says a u. S. Warship has captured a vessel with missile parts believed to be linked to iran the seizure was made in the northern arabian sea and the crew has been transferred to the yemeni coast guards washington accuses tehran of illegally smuggling arms so who see rebels fighting the yemeni governments. The nato summit has ended with some agreements on threats from russia and china but its been overshadowed by personal rise between leaders and the meeting highlighted bitter divisions on several major issues. A Syrian Civil Defense agency says at least 6 people have been killed by russian and government airstrikes in northwest adlib the white house that see children were trapped under rubble after homes were hits in the attack syria and russia have increased their bombing of the area since april with more than a 1000 civilians killed. Some more is rolling out a Mass Vaccination Program to stem a fast growing measles crisis 62 people have died from the disease with more than 150 you cases every day. And u. S. Sailor has killed 2 people and injured a 3rd as a naval base in hawaii before taking his own life the base was presents a loss to him after he shot 3 civilian defense workers military Officials Say the sailor then turned the gun on himself. And unions a student groups in colombia have called a nationwide strike after talks with the government failed its the 3rd strike in 2 weeks protests are angry at president s i havent a case plans for Economic Reforms that see updates the news continues and aljazeera after saudi aramco the company and the state. It seemed like a great idea for the Worlds LargestOil Producing company pumping millions of barrels a day to become the Worlds Largest ever traded stock on corsican had just met the holy see it had been for you what an awful assault was. On account of the assault and over him because prince eager to make his mark as a reformer wanted to partially trade saudi aramco full of fellow you ation of 2 trillion dollars but the venture failed to get off the ground and the princes vision 2030 now seems blurry. Saudi aramco is almost like the basis of politics in saudi arabia they are always intrinsically tied everybody in saudi arabia in one way or another as a beneficiary saudi aramco a strong saudi arabia it needs a strong rand paul and vice versa as well because true of saudi aramco is the history of saudi arabia transforming itself from an isolated Tribal Society into a global president. Get it right you reap a windfall get it will and the risk is huge the whole saudi economy whats at stake theyll all be the balance be done in a hollow that you face that remains an adult with a new band on and the way they run the risk of. Being the royal family could be running for the. Issue is really you know is an i. P. O. Best for the company and when you look at graham co the company you have to realize that unlike other companies around operated for years without ever imagining and. So theyve never had to make decisions with. Somebody maybe going to be publicly listed or wed like to publish this heres how we need to have our finances are great heres the kind of growth that we need to be showing in our Financial Statements to make investors see value. Analysts have never followed around because it was never seen as a potential investment and now thats changed around for many years to have a strategy of form term growth and long term revenue because their idea was that they were making money for the benefit of the saudis state if theyre going to i. P. O. Then theyve got a suddenly think about their quarterly reports and that may change how they invest and that may not be the best strategy for saudi arabia. The kingdom about 16 percent of the worlds oil reserves its the largest exporter of petroleum among opec countries and that means its economy relies heavily on oil 90 percent of exports 87 percent of budget revenues nearly half of g. D. P. Is from oil. Towering over these numbers is the company which digs out refined and exports that oil it pumps one out of every 8 barrels of oil in the world and its the only company which can produce a barrel of oil for less than 10. 00. Says it employs 65000 people by. Creates direct and indirect work for hundreds of thousands in the came to so if its doing so well why let it go. I think there was a strong case for the i. P. O. And there still is for the selling off the stake of saudi aramco and there are lots of reasons for it now its been talking about diversifying its economy for years i think the specter of Climate Action has finally made the saudis get serious about it and really the only way to diversify is through aramco i mean aramco is the source of revenues that saudi state needs to build other economic sectors even and the reason is big and i took on these you know in the middle east but still this deplete the body starts that some day a sample of the oil will be depleted pretty exhausted so they have to thing that you know you have to be fired there and have to get the economy was kind of ironic youre going to be relying on oil to diversify away from fossil fuels so if you think about saudi risk its 100 percent owner of this company that supplies almost 100 percent of its government budget ok if they if it sees a risk to to that company you go to far off risk its do you need to start diversifying that risk and passing some of that along to Foreign Investors is one way of doing it. Concerns about radical changes in strategy put a spanner in the works for saudi aramco public listed for the 1st time in its history the company would have to disclose everything i think when you consider the size and scope of the opportunity theres a lot of emotion and also a lot of momentum and sometimes a momentum and emotion get rolling you may lose sight of the reality of what you had to do when it came to. Affectively being now an open Public Company before my. Vision 2030 was unveiled as a master plan for socio Economic Reforms as a result women can drive cinemas have begun to pop up. Mohammed bin so moms aim was to reorient the saudi economy away from oil and reassure investors that saudi arabia is stable and progressive. A lot has changed since the princes International Public relations drive the efforts to convince businessmen to feel comfortable working in the kingdom also faced a blow when top saudi business kingpins were put under arrest in an opaque Anti Corruption drug and as a cascading effect there has been flight of capital reduced Foreign Investment increased saudi borrowing and a halt on saudi aramco its i. P. O. The increase in internal repression inside the kingdom you know locking up of folks inside the the ritz carlton a lot of those were heads of Family Businesses or Large Companies or big conglomerates you know that gives Foreign Investors pause. The murder of one journalist has washed away the veneer of change and quashed Investor Confidence in the more stuff going for the legacy im asking for people to be allowed to speak for the media much. Can the interest of a stakeholder ever get priority over the kingdom the privatization process would mean saudi oil reserves will be up for scrutiny and to ramp those finances will be in the public eye. You go from running a business where you have endless resources and no more site to one day having to register your company with the exchange and have to disclose every single number. The companies had over the last 5 to 10 years every piece of cap ex every decision thats been made every partnership every single thing youve done is now in the public purview why the move. On. I think its begin by. Because. If youre a private company thats run so well its painful because you have answer a lot of question but not nearly as painful as after you take peoples money. Those saudi economists who dared to raise concerns about the princes ambitious 2030 plans are in jail and i am content doesnt. Mean that youre not a candidate couldnt know that you had. A day before the murder prominent economist is samo samo was indicted on terrorism related charges his crime was providing analysis some of which explained that a high valuation of aramco could mean that the kingdom will not get any oil revenue for decades because all of it will go into a ramp controlled by shareholders. In the beginning stages you have to take anyones money because it is just disclosing to the exchanges heres how we run our business heres why you should be comfortable listing us you then go out to raise capital. And once youre taking someone elses money they own those shares and youre a company for the people by the people you know not a company for the Management Management or the or the king. And the transitions massive. That changeover from state control to a public list which began in 2017 is now shelved for years to come here rahm coexecutors have also left or been moved. So that process for a company like this probably a year and a half so like a tech start up for you have a slide presentation and some hope you have a business that changes Global Markets for decades and decades so its a process that will be expansive. It will be intrusive. And it will be transformative. Saudi aramco places the kingdoms reserves at 261000000000 barrels of oil but that magic number with no real 3rd party audit has remained more or less constant for nearly 30 years since the 1980 s. There have been rising production changes in technology and no announcements of Major Oil Discoveries in the kingdom other oil giants such as shell and exxon have revised down their reserves during this period. If on average saudi production was at 9000000 barrels a day in the last 30 years a ram co has pumped out nearly 100000000000 barrels without a dent in its 261000000000 reserves and the jurys out on how much they actually have and what its worth. Looking at their reserves figures you have makes if you look closely at it you start to wonder how it can stay roughly constant from year to year when theyre theyre producing an export and so much oil every year disclosure of the reserves its a top secret in saudi arabia and i think thats a significant concern on the part of a ramp executives they treat their reserves with kid gloves they are duty is to get the most out of these reserves in the best way possible the reserve confidence will only be consistent with 3rd parties verifying the information thats got to be done through regulatory fashion that everyones comfortable it cant just be something a company says and and hopes is the case youve got to verify. Whatever other qualities god may have given the saudis he gave them a lot of wealth in the ground and thats not going to go away. So you want might quibble over the over the reserves. But you know the saudis have the ability to do fracking and i havent even started basically. But would the possibility of higher reserves be enough for investors to finance or impose i. P. O. Probably the biggest downside is the transparency that would have resulted around saudi reserves saudi oil reserves that doesnt change very much from year to year and really hasnt changed much over the past couple of decades it doesnt give much insight beyond the single number you know around 260000000000 barrels if saudi aramco would have listed shares in the New York Stock Exchange or the london Stock Exchange the regulators would have forced saudi arabia to come clean on all of its reserves you know how much of that is proven probable or otherwise i think thats a tough sell within the kingdom within saudi aramco and within the ministry and all the way up to the head of state i dont think so do you arabia is not trustworthy when it comes to their reserves i think their reserves are there but the capacity is another question the saudi aramco has never produced 12 and a half 1000000 barrels a day and has never come within about a 1000000 barrels a day of that aramco says that it can reach that level of capacity after a period of about 6 months of additional investment right so it cant just twist a few valves and crank up an extra 2000000. 00 barrels a day i can remember on one occasion. Sitting in the office of the. Minister petroleum who did not know that i understood arabic. When one of his hades came rushing in. And said weve got weve proved the reserves in this particular new field theyd found and he said well how much is it and they said 3000000000 barrels and he said oh its too small kaput. Well thats twice the alaska reserve if you had full access to to ramp those reserves figures and you know other inside details about its Revenue Streams and whatnot you know anybody with a smartphone could could 2nd guessed saudi minister you know right now when the when the oil minister goes to vienna to speak in public at an opec meeting and you can see him surrounded by hoards of reporters each shoving their voice recorder in his face to catch a cold you know snippet of you know what he says about you know saudi plans saudi reserves saudi Oil Production. You know sod it saudi Market Strategy the world would be is quite is dependent on the oil minister for information you know to sort of on walk the. You know the secrets of what america was going to do also you know you put those those that information out there its out there for everyone. We should just be dynamic and responsive the reserves matter because the reserves and output give saudi arabia the regional and International Clout as the largest producer in the Oil Producing club of nations known as opec vacation travel watching billions and billions and billions of dollars of industry get moved by opec. And opec being a saudi driven organization they have to be meticulous the company is so good at what it does that that also brings its leaders a certain amount of political clout when it comes to opec and when it comes to other dealings with other countries a practice not a cop out and. Really wants to stir belies the oil price at the some extent in that it you need there for baghdad i think is still embodied then to how then. We can bring the good guys are the prize but its not the prize that benefits are going to produce or the prize that also benefited the producer and consumer. The studio for good within the comic organization with everything focused on fundamentals focused on addressing the Global Markets needs to put a reliable supply. Petroleum saudi arabia is the keystone in opec it is the big dog its the ringleader if you will within opec opec members maintain a little bit here and there and has more than 1000000000. 00 Barrels Per Day of Spare Oil Production Capacity that that i know but may teams that that kind of level of spare capacity. At you know as as a policy that saudi arabia saudi aramco typically maintain you know a w2w barrels 2000000 barrels a day of Oil Production capacity that they dont use ok so no profit Oriented Firm would ever do this you wouldnt invest all the billions in developing oil fields and pipelines and Storage Facilities and production infrastructure and then just leave it dormant saudi aramco has done it at the behest of the saudi state. And you know its the key aspect in the saudi u. S. Partnership the ramp those ability to bring more Oil Production online and its willingness to cut back at times the markets are oversupplied its got the crux of the the u. S. And Saudi Strategic partnership. Saudi arabia if we broke with them i think your oil prices would go through the roof ive kept them down theyve helped me keep them down right now we have low oil prices are relatively id like to see i