The Government Saudi Arabia has approved a plan of economic reforms aimed at reducing dependence on oil kingdom. According to him, the level of oil production will be frozen at the same level until 2020.
Saudi Arabia will maintain the same level of oil production until 2020, in accordance with the approved by the Government of a new plan of economic reforms – National program of transformation – for reduce dependence on oil kingdom, Bloomberg reported.
according to the draft program circulated among journalists in Jeddah (Saudi Arabia), the world’s largest oil exporter will adhere to production at 12.5 million barrels a day before 2020.
with reference to the state television Saudi Arabia, the agency notes that the program was approved by the cabinet in Monday, June 6.
in accordance with the approved program, a reduction subsidies on water and electricity at 200 billion riyals in 2020. H eftepererabatyvayuschie power of the kingdom in 2020 will rise to 3.3 million barrels a day. At the end of last year the volume of oil refining was at the level of 3.1 million barrels a day, said the annual report of Saudi Arabia, Saudi Aramco’s state oil company, published last month.
According to the plans, to 2020 Saudi Arabia will also produce 4% of its energy from renewable sources.
Deputy Crown Prince Mohammed bin Salman earlier this year announced a plan to reform the global economy of the country, to make it less dependent on oil revenues due to lower prices due to global oversupply. The plan also includes the sale of shares in Saudi Aramco the end of 2018 in an initial public offering (IPO).
Reducing government spending and reducing subsidies to help reduce the budget deficit in Saudi Arabia to 13.5% of GDP in the current year , compared to the last figure of 16.3% of GDP, voiced by April 25 the International Monetary Fund.
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