Saudi Arabia’s Cabinet has approved a plan laying out economic reform priorities for the next 15 years which are aimed at moving the kingdom away from its reliance on fossil fuels.
The world’s biggest oil producer is spending as much now as it did before the crash in crude prices, signaling no surrender in Saudi Arabia’s battle with rivals.
Saudi Arabia is said to be reviewing an IPO (Initial Public offering) with a decision expected to take place in the coming months.
Saudi Arabia, the world’s largest crude exporter, cut pricing for all October oil sales to the U.S. and Northwest Europe and reduced the premium on its main Light grade to Asia by 30 cents a barrel. State-owned Saudi Arabian Oil Co. cut its official selling price for October sales to Asia of Arab Light crude to 10 cents a barrel more than the regional benchmark, the company said in an e-mailed statement. The discount for Medium grade crude for buyers in Asia widened 50 cents to $1.30 a barrel less than the benchmark.