Oil to remain the backbone of Saudi strategy for decades to come

Capital Projects Monitor’s attention was piqued during February when the Saudi energy ministry cancelled its long-term plan of expanding oil production from 12 million to 13 million barrels per day (bpd). Was this the first indication that the country’s Vision 2030 strategy to diversify away from oil and fossil fuels was starting to bear fruit? The notion was immediately written off as premature.