Saudi Arabia stops Oil Expansion Plan, Switches to Natural Gas
Saudi Arabia has stopped $100bn expansion of its oil production capacity after reaching a target of 12m barrels a day and now plans to shift its spending priorities to natural gas, refining and the chemicals business, media reports said.
The kingdom is, therefore, not pushing ahead with an assumed expansion plan to produce 15 million barrels a day by the end of 2020.
- Saudis face waning power in North America (mb50.wordpress.com)
- Saudi Arabia: Shia Protests Against the State Intensify (ibtimes.com)
- Two dead in Saudi Arabia gunfight (bbc.co.uk)
- Iran oil targeted by Obama sanctions (money.cnn.com)
- Saudis plan for future of unconventional oil from oilsands and tight oil and more expensive Saudi oil (nextbigfuture.com)
Posted on November 28, 2011, in Iran, Iraq, Libya, Middle East, Natural Gas, Saudi Arabia and tagged Barrel (unit), Iran, Iraq, Libya, Middle East, Natural Gas, News By Country, Oil reserves, Saudi Arabia, United States. Bookmark the permalink. 1 Comment.