Energy

At a time of great change in Saudi Arabia and amidst debates about rapid economic diversification, it is perhaps easy to overlook the fact that even in the most optimistic forecasts of Saudi Vision 2030 – the national development strategy – the oil and gas sector will account for at least half of the country’s exports in the fourth decade of the 21st century. Similarly, while the revolution in shale oil and gas in the US has dominated headlines, the cost at which Saudi Arabia is able to pump crude oil and gas remains among the lowest in the world. The global oil supply and demand cycle may have resulted in lower prices since mid-2014, but the anticipated initial public offering of 5% of the state energy company Saudi Aramco, valued at up to $2trn, has heightened expectations that the Kingdom could soon be home to the most valuable listed company on the planet.

This chapter contains an interview with Mohammad Sanusi Barkindo, Secretary-General, Organisation of the Petroleum Exporting Countries; and Abdallah Al Subaiyyal, President and CEO, Yanbu Aramco Sinopec Refining Company.