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 | 9.75 | mn b/d |
| Crude Exports | 7.037 | mn b/d |
| Gas Output | 89.9** | bcm |
| O&G Export Rev. | 201 | $bn |
| O&G % Export Rev. | 78 | % |
| Refining Capacity | 2.864 | mn b/d* |
*End-Year. **2018
20 Mar, 2020
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Having pledged to flood markets with cut-price crude, Saudi Aramco says it can keep the taps open into 2021. A bold gambit to force Russia to the negotiating table? Or the new reality? Either way, Aramco’s 2019 results make abundantly clear that the firm answers to Riyadh, not its new shareholders.
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