Saudi Arabian Deputy Crown Prince Mohammed bin Salman attends a summit of Arab and Latin American leaders in Riyadh, Saudi Arabia. AP/Hasan Jamali Early this year, the Crown Prince of Saudi Arabia revealed that Saudi Arabia is considering an initial public offering for state-owned oil company Aramco. Chairman of Aramco Khalid al-Falih later clarified that the IPO would not include Saudi Arabia’s oil reserves, estimated at 268 billion barrels.

“The reserves will remain sovereign,” al-Falih said in an interview with Al-Arabiya. He added that the kingdom is mulling options for an IPO of the firm’s “ability to convert these reserves into a financial gain.”

The statements were vague and the Saudis’ actual plan for the IPO remains unclear. However, whether or not the IPO happens is not important. What is vitally important is that it was publicly discussed by the Crown Prince of Saudi Arabia.

Aramco is the world’s most valuable company. It’s also one of the most important sources of geopolitical power for Saudi Arabia. And the Crown Prince was fully aware of the consequences the statement would cause.

All of this reveals what a desperate situation record-low oil prices have pushed the Saudi’s regime into.