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Saudi Arabia to Soon Shift their Economic Focus to Financial Technology from Oil

Saudi Arabia Economic focus financial technology to oil

Saudi Arabia to Soon Shift their Economic Focus to Financial Technology from Oil


The production of crude oil in Saudi Arabia has slowed down significantly last year, from 10,643 BBL/D/1K in December 2018 to just 9,890 BBL/D/1K in November 2019. Continuous plunge in crude oil production could be attributed to various factors like the attendant impact on output, and also the attacks on the Saudi Arabia’s oil fields.

Many reports suggested that Saudi Arabia has been trying to coax other OPEC member countries to slash down production by 400,000 barrels per day. But the Saudi government has not agreed to this. OPEC, which is one of the world’s biggest energy-focused coalitions, has reduced its production by 1.2 million barrels (each day) since January last year, which is going to be extended till March 2020. OPEC member nations intend to maintain more stable oil prices by cutting down production.




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