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
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.