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BlackRock’s Big Oil Bet: Why Saudi Aramco’s CEO Is Shaking Up the Board

BlackRock’s Big Oil Bet: Why Saudi Aramco’s CEO Is Shaking Up the Board

October 6, 2025 | By Your Name

What happens when the world’s largest asset manager, managing $10 trillion, invites the CEO of the planet’s biggest oil company to its board? You get a power play that’s raising eyebrows. In 2023, BlackRock added Amin Nasser, head of Saudi Aramco, to its board, replacing Kuwait’s Bader Al-Saad. YouTuber Ian Carroll called it “moving up in the Middle Eastern oil world,” and he’s not wrong. But this isn’t just about oil—it’s about money, influence, and a backlash against ESG (Environmental, Social, Governance) investing that’s reshaping corporate America. Let’s unpack this.

Meet the Players: BlackRock, Nasser, and Aramco

BlackRock isn’t just a financial giant; it’s a titan steering global markets. Adding Amin Nasser, CEO of Saudi Aramco, to its board is a big deal. Nasser’s been running Aramco since 2015, overseeing a $1.8 trillion oil empire that pumps ~10.8 million barrels per day (bpd). Compare that to Kuwait’s ~2.6 million bpd under Al-Saad’s watch at the Kuwait Investment Authority. Aramco’s a cash machine, posting a jaw-dropping $48.4 billion profit in Q2 2022—more than Apple, Microsoft, Meta, and Tesla combined that quarter.

Nasser’s not just an oil guy. He’s plugged into the World Economic Forum, MIT’s CEO Advisory Board, and J.P. Morgan’s International Council. His seat at BlackRock signals a deeper tie between Western finance and Middle Eastern oil. Smart move or greenwashing? You tell me.

ESG’s Fall: Larry Fink’s Cold Feet

BlackRock’s CEO Larry Fink was once ESG’s poster child, pushing for climate-conscious investing. But in 2025, he’s backpedaling. His latest letter skips “ESG” entirely, opting for “conscientious capitalism” after backlash from both sides—progressives saying it’s not enough, conservatives calling it “woke capitalism.” States like Texas pulled $8.5 billion from BlackRock over ESG policies in 2024.

Shareholders are driving this. Anti-ESG proposals jumped from 45 in 2022 to ~120 in 2025, pressuring firms to ditch green mandates. As Carroll puts it, public sentiment is “changing how companies self-govern.” It’s proof your voice—through votes or social media—can rattle giants.

Quick Stat: Shareholder proposals against ESG hit 120 in 2025, nearly triple the 2022 total. That’s the power of collective action.

Oil’s Enduring Grip

Let’s talk numbers. The US leads oil production at ~13.4 million bpd in 2024, outpacing Saudi Arabia’s 10.8 million. But here’s the kicker: The US consumes ~19 million bpd, importing the rest, while Saudi exports ~7 million, fueling its $1 trillion sovereign wealth fund. Kuwait? A modest 2.6 million bpd, mostly exported. Aramco’s scale explains its wealth—even in a “down” Q2 2025, it earned $22.7 billion.

[Insert Bar Chart: Oil Production 2024 - US (13.4M bpd), Saudi Arabia (10.8M bpd), Kuwait (2.6M bpd)]

With global oil demand at ~103 million bpd in 2025, BlackRock’s cozying up to Aramco makes sense. Oil isn’t fading anytime soon.

Aramco’s Green Paradox

Here’s where it gets messy. Aramco’s pushing for net-zero emissions (for its operations) by 2050, investing $1.5 billion in carbon capture and blue hydrogen. Sounds noble, right? But it skips emissions from burning its oil—equivalent to the EU’s total output. Carroll calls this “kicking the can,” and critics like Climate Action Tracker rate Saudi’s plans as “highly insufficient.” An oil giant going green? It’s like a fox guarding the henhouse.

Nasser’s board role could steer BlackRock’s $10 trillion toward this paradox—backing oil profits while nodding to sustainability. Is it strategy or hypocrisy?

What’s It All Mean?

BlackRock’s bet on Nasser is a hedge: Oil’s reliable cash flow meets ESG’s shaky ground. Shareholder activism, with those 120 anti-ESG proposals, shows public pushback works. As Carroll says, “You’re the shit” for paying attention. This move ties finance to Riyadh’s oil wealth, raising questions about influence in a world still hooked on fossil fuels.

Poll: Do you trust Aramco’s net-zero plan?

  • Yes, they’re innovating.
  • No, it’s greenwashing.

Share your thoughts in the comments!

So, is BlackRock playing chess or selling out? Drop your take below. And like Ian, headed to the mountains, keep questioning the big dogs. Have a great weekend!

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