It's what you can't see—the oil beneath the Arabian sands—that potential investors in Saudi Aramco's on-again, off-again initial public offering (IPO) ought to focus on. The truth about the remaining oil resources beneath the Saudi desert continues to be a state secret. I'll elaborate on this after a little background to set the context. Recently, Saudi Aramco, the state-owned Saudi oil company, delayed its planned IPO again. For those who missed the previous time, plans for the IPO first came to light in 2016 as part of Saudi…
