- Oil is here to stay as US majors strike blockbuster deals while Saudi policies are helping stabilize global crude markets, the kingdom’s energy minister said at the annual investment forum in Riyadh. Last month, crude oil prices rebounded to nearly $100 per barrel, resulting in increased profits for oil producers and boosting confidence, leading to significant acquisitions in the oil sector. Exxon Mobil Corp. has agreed to purchase Pioneer Natural Resources Co., a shale drilling company, while Chevron Corp. is set to acquire the renowned U.S. producer Hess Corp.
- Saudi Arabia hosts the annual FII summit, which serves as a platform to showcase its efforts in creating new job opportunities and industries, as well as the development of technologically advanced and environmentally friendly cities that promise long-term prosperity. The ambitious goals outlined in Saudi Arabia's Vision 2030 are built on the preparation for an eventual shift to a post-oil world, with funding derived from the export of oil barrels worldwide.
Why it matters
Amin Nasser, the CEO of Saudi Aramco, mentioned on a separate panel at the event that there will be a "significant" increase in the demand for oil as economies recover and major consumers like China return to faster growth. Despite economic challenges, energy consumption continues to rise.