An initial public offering of Saudi Arabia’s state-owned oil giant Aramco was supposed to be the central plank of Crown Prince Mohammad Bin-Salman’s (MBS) economic reform platform. The stock flotation was originally expected to take place this year. It was to raise as much as $100 billion in new capital, making it the largest IPO ever. But the listing has since been delayed indefinitely, suggesting a behind-the-scenes power struggle between the ascendant MBS and powerful vested interests within the Kingdom’s bureaucracy.

When will the Saudi Aramco IPO take place? At this point it’s anyone’s guess.