Saudi Arabia plans to move away from oil dependence

The world’s largest exporter of crude oil has made an ambitious plan to reduce its dependence on oil which currently makes over 70% of Saudi’s revenue. As oil prices have fallen to half its peak level ($115 in June 2014), Saudi points to large uncertainty in future oil prices and the resulting swings in national revenues as reasons to slowly reduce its dependence on oil. Falling oil prices have already cut into the nations generous subsidies on public utilities which will undoubtedly have an impact on the poor.

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