A banner for Saudi Vision 2030
Saudi Arabia's path to transition, part 1: Energy diversification
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
Saudi Arabia holds one-sixth of the world’s oil reserves and remains a major player in the global oil market, producing 9.61m b/d of crude oil in 2023. The discovery of the Dammam oilfield in 1938 marked the beginning of Saudi Arabia's economic transformation, driven by oil. This development led the country to become a founding member of OPEC in 1960. Over the decades, oil revenues fuelled significant economic growth, positioning Saudi Arabia as a member of the G20 with a GDP of $1.07t in 2023. In fact, oil revenues accounted for 62.29% of the national budget in 2023, underscoring the country’s deep reliance on the sector. However, the Saudi government has recognised the economic and environ
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
