Crude oil remains Saudi Arabia’s biggest asset, and economies around the world are reliant on how the Kingdom responds to challenges. At 2019 production rates, Saudi Arabia’s known reserves are expected to last more than 50 years, and at the start of that year more than 80% of the oil produced by the state-owned energy company, Saudi Aramco,...
Although economic diversification and a strengthened private sector are cornerstones of Vision 2030, the blueprint for the transformation and diversification of the country’s economy, corporate consolidation and continued state ownership are features of the planned merger between Saudi Arabia’s most influential corporations. If Saudi Aramco’s...
Saudi Arabia’s ability to influence global oil prices relies not only on its production capacity but also on its ability to quickly and efficiently export hydrocarbons products to its trading partners. From ports on the Red Sea and the Gulf, Saudi Aramco operates the world’s largest oil and gas export facilities, including the world’s biggest...
Even as Saudi Arabia lays the groundwork for diversification, the energy sector is expected to continue to play a leading role in the economy, with estimates oil and gas will account for at least half of the country’s exports to 2040. As the world’s leading oil exporter, the Kingdom plays a key role in meeting global demand and forming...
Although the world remains largely dependent upon fossil fuels for power generation, a gradual transition towards renewable sources has been taking place since the 1990s, underpinned by multilateral deals such as the Kyoto Protocol, the Doha Amendment and, more recently, the Paris Agreement. Investment and development in renewable technologies...
Even as Saudi Arabia’s oil production reached record levels, with total output hitting 11.1m barrels per day (bpd) in November 2018, the country is boosting levels of investment to ensure there is spare capacity to meet a global supply shock and subsequent increase in prices. According to Khalid Al Falih, the minister of energy, industry and...
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