Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: LM Otero / AP

A top Bloomberg editor highlights a message being conveyed by Saudi Arabia amid the turbulence in global crude oil: "Saudi Oil minister says the world of energy may be changing, but Aramco will survive longest and pump the last barrel of crude."

In a word, it's defiance.

Why it matters: OPEC's dominant producer, Saudi Arabia, is reacting to a widely perceived threat from U.S. shale oil and forecasts that global oil demand could level off in little more than a decade, and then start to decline. In such a scenario, Saudi and the world's other petro-states — already in their third year of low oil prices — could face even worse fiscal trouble. Saudi is saying: Even if the petro-world does comes apart, we will be the last man standing.

What they said: At a major investment conference in Riyadh, Saudi oil minister Khalid al-Falih said worldwide demand for oil is expected to grow by 45 percent by 2050, Reuters reports.

That comment, coupled with the OPEC Secretary General Mohammad Barkindo's prediction last week that demand will rise through at least 2040, contrasts with analyses suggesting that greater efficiency, the rise of electric cars and other factors could bring peak demand far sooner.

  • The prominent consulting firm Wood Mackenzie said in a mid-October report that global oil demand for transportation—the dominant use—could peak by 2030, with an overall peak by 2035. The CEO of Royal Dutch Shell has said a peak could arrive as early as the late 2020s.

Battle with shale: In separate comments, Saudi Aramco CEO Amin Nasser "says he does not spend much time worrying about booming production from U.S. shale fields," according to CNBC. Aramco, the state-owned oil giant, is preparing for a massive IPO next year and seeking to maximize its valuation, though several recent reports note that the timing for an international listing could slip.

  • "The concentration that we are seeing today is on the sweet spot of shale, and this will not last forever," he told the network in an interview.

The U.S. Energy Information Administration projects that total U.S. crude oil production will reach a new annual average record of 9.9 million barrels per day next year.

Shale production from regions like the Permian Basin in Texas now exceeds 6 million barrels per day, according to the EIA, and U.S. crude oil exports recently reached nearly 2 million barrels a day before dropping back somewhat.

Go deeper

48 mins ago - World

Netanyahu campaigns against Biden's plan to save Iran deal

Netanyahu campaigns at a gym last month. Photo: Pool/AFP via Getty

Israeli Prime Minister Benjamin Netanyahu indirectly criticized the Biden administration for its intention to return to the Iran nuclear deal and told his supporters he was prepared to "stand against the entire world" to stop it.

Why it matters: This is a major change of tune for Netanyahu, who had been careful in his statements on the Iran deal and avoided publicly criticizing President Biden. The statement was part of Netanyahu's attempt to rally his base ahead of Israel's election on March 23.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Tech: "Fludemic" model accurately maps COVID hotspotsVirtual doctor's visits and digital health tools take off.
  2. Politics: Schumer says Senate will stay through weekend to vote on COVID relief — Republican governor of West Virginia says there's no plan to lift mask mandate.
  3. World: Canada vaccine panel recommends 4 months between doses.
  4. Business: Firms develop new ways to inoculate the public.
  5. Local: Ultra-rich Florida community got vaccinations in January.
Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

Why fears of a SPAC bubble may be overblown

Illustration: Annelise Capossela/Axios

The SPAC surge continues unabated, with 10 new ones formed since Wednesday morning. And that's OK.

Between the lines: There are growing concerns that retail investors are about to get rolled, with smart sponsors taking advantage of dumb money.