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 | % |
3 Jun, 2022
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This week’s award of a key EPC contract for the 600,000 b/d Zuluf expansion project to Japan’s JGC is a major step towards Aramco’s target of 13mn b/d production capacity by 2027. Saudi Arabia is one of the few producers set to bring substantial new capacity online in the medium-term.
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