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No Oil Production Cuts Ahead for Saudi Arabia
Saudi Arabia’s oil production this year will surpass last year’s output, even though a global glut of petroleum continues to depress prices for crude, says Amin Nasser, CEO of the state-owned Saudi Aramco oil company.
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Saudi Arabia’s oil production this year will surpass last year’s output, even though a global glut of petroleum continues to depress prices for crude, says Amin Nasser, CEO of the state-owned Saudi Aramco oil company.
The strategy is intended to strengthen Saudi Aramco's value ahead of a sale of 5% of its equity, BBC News reports. The share sale could value the company at more than $2 trillion.
Proceeds will be used to help fund Vision 2030, the country’s plan to double the size of its economy and generate 6 million jobs in 15 years.
Today Saudi Arabia's oil and gas industry generates 90% of the country's income. Vision 2030 aims to reduce that ratio to 50% over 15 years—not by cutting oil production but by expanding the economy into such areas as construction, mining, tourism and petrochemicals.
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