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Oil will be the lifeblood of the global economy for years to come

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Bankers love Saudi Arabia's state oil producer Aramco, and who can blame them. The company received more than $US100 billion ($140 billion) of orders for its debut $US12 billion bond last week, defying lingering concerns over the kingdom's internal stability and the future trajectory of oil prices.

Its success is more proof that oil will remain the life blood of the global economy for many decades to come.

Aramco's debt has still proved too enticing for Wall Street to ignore.Credit:Bloomberg

The world's largest single producer of crude is an enticing morsel for bond investors because of the fundamentals underpinning its core business. Aramco has the capacity to pump up to 12.5m barrels per day of crude if required, accounting for a significant chunk of the daily 100m barrel oil market. Few companies are as vital to the economic prosperity of all humanity, despite the claims of climate change campaigners that the end of the oil age is nigh.

In a world where oil investment is becoming socially too toxic for some institutional investors to handle, Aramco's debt has still proved too enticing for Wall Street to ignore. There is no shortage of buyers for Saudi Arabia's crude, and prices pushing above $US70 per barrel make its oil producing giant's debt even more appealing.

The company is also insanely profitable. A rare glimpse of its balance sheet shown to investors ahead of its bond debut showed a........

© Brisbane Times