The leadership of world oil production under the cloak graduated from Saudi Arabia
28/03/2017
Direction Press / Reports
Wesal King toured the air its fleet to attract investors from the Asian east to his kingdom, perhaps to avoid the damage to his country as a result of the failed Saudi Arabia's policy on many issues, which was the most important "oil", to wake up the kingdom after two years of insisting on following the same approach to the loss of the most important possessions " control over the oil markets. "
To avoid this, which has become a reality was the Kingdom to find quick solutions to the realities of the deteriorating economic policy followed by the increasing oil production, in addition to wars funded or launched by its neighbors.
Finding solutions
Saudi Arabia reached the full conviction that the dependence on oil revenues has gone irrevocably, the sale of shares of Aramco explains this speech dramatically. The King Salman's visit to Asia was more or less designed to attract investors to buy these stocks, the Hong Kong company exchanges and clearing is one of the biggest competitors to offer.
On the other hand, Saudi Arabia is a major financial reforms, including an increase in taxes and in visas for expatriates travel fees, in addition to cutting subsidies on water and energy products and reducing the number of public works projects in transport, housing and health care sectors.
The government is seeking to increase the number of days of the year an additional 11 days, enabling it to run the staff number of more days without salary increase, this will be by converting the user's calendar from the Calendar "354 days a year" to the Gregorian calendar, "365 days a year."
Saudi Arabia is working at the moment on the development of the sectors do not rely on oil, such as energy and renewable dairy industry.
Failed plans
In the midst of the battle of production followed Saudi Arabia's policy to increase production to turn on the track to the victim of the following reasons:
First, it refused to Riyadh cut oil production to the erosion of its market share, and adopted instead an option to increase its products in 2016, in an attempt to take out Iran and the United States from the competition, especially after he learned of the financial pressures faced by countries, but the result was contrary to the aspirations of The kingdom.
Second, the deterioration of oil prices resulting from increased production, the Kingdom cost heavy losses and significant financial damage, Between 2014 and 2016, Saudi Arabia reserves fell from $ 764 billion to $ 536 billion, which is authorized to bankrupt the treasury kingdom over half a decade if the pace continues In this way.
Third: the emergence of a new challenge to Riyadh represent the oil industry in the United States and by the year 2015, after a decade of technological innovations as a seismic monitoring remotely and automate many of the functions of petroleum, Saudi Arabia lost the leadership of world oil production.
Fourthly, as a result of the significant pressures faced by the kingdom, especially after the war on Yemen and costly, Riyadh decided last year to stop the battle of oil, to face this decision to reject the rest of the members of the "Organization of the Petroleum Exporting Countries OPEC" production cut.
Big trouble
Complicated economic matters more and more and did not find a solution in front of her kingdom to save the economy only to get rid of millions of foreign workers and bring about local employment in their place, but even this solution would not be feasible for the following reasons:
First, the private sector is 80 percent dependent on foreign labor, and this will enter the Kingdom of great Borth in the absence of adequate expertise among the people of Saudi Arabia.
Second: Saudi education system is still dominated by the theoretical nature and focus on the religious and historical teachings without scientific and applied materials, and therefore it would be very difficult to solve the Saudis millions of foreign workers in the private sector within a short period at a time do not have the qualification and experience.
Third, most of the foreign workers are working in the areas of the majority of Saudis returning to their contempt because they are from their point of view is not worthy of them, such as cleaning, restaurants, hotels and home services, while the other section constitutes mainstay labor force in construction, industry, trade, transportation, maintenance and health services. Hence, dispensing millions of them will quickly collapse the entire sectors.
Based on all the above would be very difficult or even impossible, as analysts see strategists, on the Kingdom to achieve the goals of "Vision 2030" aimed at diversifying sources of income and reduce dependence on oil. In light of this can be explained by the complaints of Saudi businessmen recent concerns of the current government's policies, which they said led to a decline in their business due to higher operating and energy costs of low purchasing power of the population, according to the Reuters news agency.
Source / agencies
AQ
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