The drilling of the first modern well in Pennsylvania in 1859 set oil on a path that led to the heart of economics and geopolitics. Oil fuelled the rise of the West's consumer culture; it helped determine who won the second world war and prompted a global economic crisis in the 1970s. Now a new chapter in oil's story is unfolding: the prospect of stagnating or falling demand as the world shifts to cleaner energy. As in the past, this era promises startling economic and geopolitical change.
Consider the imminent stockmarket flotation of Saudi Aramco, which produces 10m barrels of oil a day, or 11% of the global total. As well as Arabian super-light, Aramco pumps out superlatives and controversy. Worth well over $1trn, it could, once listed, be the world's most valuable public firm, squeezing past Apple.
The initial public offering has been delayed several times; a big Aramco processing plant was hit by a missile strike in September and the firm is ultimately controlled by Muhammad bin Salman, an autocratic royal with blood on his hands.
