Saudi Arabia’s Crown Prince Muhammad bin Salman plans to transform the country and end its “addiction to oil.” But crude oil is set to remain its dominant revenue source and foreign policy tool for the foreseeable future. The kingdom is also eying unconventional gas to ease its gas shortages, while renewables developments are finally gaining traction.
| Crude Output | 9.22 | mn b/d |
| Crude Exports | 6.67 | mn b/d |
| Gas Output | 9.03 | bn cfd |
| Oil Export Rev. | 121.9 | $bn |
| Oil % Export Rev. | 69.5 | % |
26 Mar, 2021
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Saudi Aramco has delayed major upstream projects by two years as it slashed capex in 2020. But it plans to bring upstream spending back to pre-Covid levels for 2021. The absorption of Sabic means an increased petchems outlay, whilst hydrogen becomes a key focus.
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