Saudi oil diversification hits turbulence
Vision 2030 spearhead PIF damaged by high profile investment setbacks at key MbS ally Softbank
It has not been the best year for Saudi Arabia’s Public Investment Fund (PIF)— with high profile investments it has made through a fund in companies such as office space leasing firm WeWork and taxi alternative Uber coming unstuck. The value destruction has prompted questions about the performance and direction of PIF, chaired by the country’s de-facto leader Crown Prince Mohammad bin Salman (MbS). PIF has been given a key role in modernising the kingdom by investing both domestically and overseas. It is viewed as an engine to fire up the Saudi private sector and significantly increase non-oil income. But its commitment to Japan’s Softbank Vision Fund— where $45bn of the $100bn available for
Also in this section
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
6 March 2026
The March 2026 issue of Petroleum Economist is out now!
