Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
GM, Ford Evaluate Possible Economic Slump
General Motors and Ford say they have bolstered their cash reserves in case the trade war between the U.S. and China triggers a global recession.
-
Study: Border Tax, NAFTA Exit Would Hurt U.S.
The U.S. auto industry would lose at least 31,000 manufacturing jobs and 450,000 units of annual sales if the U.S. imposes 35% tariffs on cars from Mexico, as President-elect Donald Trump has vowed to do.