https://economictimes.indiatimes.com/news/international/business/saudi-arabia-mulls-more-fiscal-expansion-in-2018-to-spur-economy/articleshow/61317796.cms
One of the biggest oil-producing country, Saudi Arabia is putting effort to expand their economy other than oil.
Saudi Arabia plans to increase their fiscal expansion even more than the amount they had planned for 2018. The non-oil industries were having very sluggish growth rates and the government wanted them to expand. The government is trying to support the businesses because they are necessary for Saudi Arabia to reduce the budget deficit due to oil price declines the past several years. They also want to be more free from being too dependent on selling oil, because the fluctuation of its price is high.
I think this is a very positive movement for change from Saudi Arabia. It is very risky to be dependent on only one item to trade with other countries, because if its price decreases, or if the supply cannot be maintained, (as it will in the future for oils) etc., it will definitely stagger the country drastically. It would be wise to have a plan B, and Saudi Arabia already is on it. I am interested to see how the transition of Saudi Arabia's economy will affect the energy industry and, furthermore, the entire world market.
Saudi Arabia is doing a lot of the right things to try and become a powerful economy among the world market. They are already powerful with all of their oil prospects but there plan to diversify and sell a lot of their oil is a very smart move. It will make them a lot more stable in the long run and be able to grow their economy in other ways rather than fluctuate based on oil prices. As you said it will be interesting to see how this affects the world market.
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