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
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
21 January 2025
The new president must put his cards on the table and tell the American people, and the world, if the US is formally abandoning the energy transition
