Given the date, let me first include a disclaimer that this is not an April Fool's Day prank.
Saudi Aramco, the national oil company of Saudi Arabia, is by far the largest oil company in the world. The company produces around 13% of the world's oil, but its business operations have been notoriously opaque for decades. It has often been stated that the company has plenty of low-cost legacy wells that drop its overall production costs to $10 per barrel, or even lower.
Because there was no way to audit this information, the world was left to guess at the actual breakeven costs for the world's largest oil company. Today, Saudi Aramco lifted the veil on its financial condition in a bond offering for the company.
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