This year, Saudi Aramco paid out more in dividends than it made in profits - $93 billion went to shareholders, compared with free cash flow of $64 billion. To make up this shortfall, the group had to resort to fresh debt.

This kind of dynamic - distributing dividends while subscribing to debt - is certainly never very encouraging, but it seems to us that, as far as Aramco is concerned, the headlines in question are more about sensationalism than anything else.

Firstly, because the situation has already arisen on several occasions, notably in 2020. Secondly, because the Saudi giant's financial position remains excellent in every respect: its net debt is negligible and the profitability of its assets absolutely stratospheric - in practice three to four times higher than that of a Total or Exxon.

Aramco remains 97% controlled by the monarchy. A residual stake was floated on the stock exchange to allow a few foreign investors to participate symbolically in this prodigious business, which is responsible for 13% of the world's crude oil production, and last year posted sales of $495 billion and free cash flow of $101 billion.

Some observers point out that the Saudi state remains hyper-dependent on Aramco to finance its budget - its contribution in dividends represents around a third of national tax revenues. In this respect, it is tempting to speculate on new emergency measures - such as new production quotas - aimed at bolstering crude oil prices on world markets.

Here too, such machinations seem premature, if not far-fetched. Like its crown jewel Aramco, the Saudi state is far from being in financial difficulty, with sovereign debt representing less than a quarter of gross domestic product.

In this respect, even if its budget is in deficit with oil prices back below $75 a barrel, the monarchy has plenty of time to wait and see before starting to panic.