Even Big Oil thinks Big Oil is getting too risky these days

We’re facing a world where oil demand is looking distinctly shaky, with crude production still sitting below the peak it hit back in 2018. — Bloomberg

What’s an oil producer to do when it sees its core product under threat from declining demand and a war-torn neighbourhood? Just ask Abu Dhabi National Oil Co.

The US$19bil all-cash bid for Australian gas producer Santos Ltd on Monday, from a consortium led by the state-owned United Arab Emirates (UAE) business also known as Adnoc, is one answer to the question.