Even as Saudi Arabia lays the groundwork for diversification, the energy sector is expected to continue to play a leading role in the economy. It is estimated that oil and gas will account for at least half of the country’s exports to 2040. As the world’s leading oil exporter, the Kingdom plays a key role in meeting global demand and forming international energy policies, as evidenced by the implementation of the Organisation of the Petroleum Exporting Countries (OPEC) supply cuts to stabilise oil prices. In 2019 Saudi Arabia’s energy sector aims to strike a balance between diversifying and strengthening downstream offerings such as petrochemicals, and incorporating renewables into the energy mix.
This chapter contains interviews with Abdulkarim Alnujaidi, CEO, National Gas and Industrialisation Company; and Kamal Pharran, CEO, Saudi Tabreed.