Saudi economy sends mixed signals
While the overall economy is picking up, Saudis are feeling the pinch from subsidy cuts
Saudi Arabia's long-term goal is, to quote Crown Prince Mohammed bin Salman, to end the country's addiction to oil. This is the foundation stone supporting Vision 2030 and the 2020 targets set out in the kingdom's National Transformation Programme. But in the immediate future, oil—and in particular its global price—remains key. Saudi Arabia is leading efforts to encourage Opec and non-Opec producers to stick to their commitment to restrict oil output in order to support prices. It wasn't always easy. But the strategy has, in the end, been successful. According to the latest report from analyst and consultancy Capital Economics, "the impact of the 2016 Opec agreement to cut oil output has fad
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
