Etiket arxivi: How Saudi Arabia will reduce dependence on oil?

How Saudi Arabia will reduce dependence on oil?

Screenshot 2016-05-03 20.20.54

The (un)expected turning point occurred in the energy market when one of the world’s biggest crude oil exporters – Saudi Arabia declared that it will cut dependence on oil revenue by 2020. The new ambitious strategic concept intends to lay out a new economic trajectory amid the deep crisis in the oil market. The chief mastermind behind this ambitious plan is Minister of defence of the Kingdom – a top Prince Mohammad bin Salman.  According to his latest interview to Bloomberg, the main idea of the concept will be released in 6 weeks. However, a long oil-boom period left the Saudi Arabia’s economy dependent on oil export, it made the country the biggest oil exporter. Yet it is very arguable topic whether the new economic reforms will be successfully implemented until 2020 or not. Oxumağa davam et How Saudi Arabia will reduce dependence on oil?