“Let’s agree that given the global economic situation, full diversification won’t happen by 2030. To completely wean a giant economy like Saudi off oil, it will require at least 50 years more. So as long as oil is with us, make more money out of it if you can.”
-An unnamed source to Reuters, discussing how as Saudi Arabia works to diversify it’s economy, it still intends to maximize oil revenue as long as possible. With almost 20% of the world’s proven reserves and production costs of just $4 a barrel, “Aramco believes it can undercut competitors and carry on making money even when lower oil prices make it unprofitable for rivals,” Reuters reports. [Reuters]
