{"id":99274,"date":"2025-07-31T00:00:00","date_gmt":"2025-07-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/07\/31\/moving-away-from-oil-can-be-tricky-for-the-kingdom\/"},"modified":"2025-07-31T00:00:00","modified_gmt":"2025-07-31T00:00:00","slug":"moving-away-from-oil-can-be-tricky-for-the-kingdom","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/07\/31\/moving-away-from-oil-can-be-tricky-for-the-kingdom\/","title":{"rendered":"Moving away from oil can be tricky for the Kingdom"},"content":{"rendered":"

<\/strong>The Kingdo<\/strong>m\u2019s <\/strong>efforts to diversify its economy away from oil are yet again on the minds <\/strong>of the foreign <\/strong>press<\/strong>, with Bloomberg<\/a> arguing that despite significant social and economic reforms under Vision 2030, Saudi Arabia\u2019s economy remains dependent on oil revenue and, by some measures, its reliance has even deepened.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

The business news service estimates that the fiscal breakeven oil price has risen to USD <\/strong>96 a barrel in <\/strong>2025<\/strong>, from USD 91 in 2016. The figure rised to USD 113 a barrel when PIF spending is factored in. With oil still constituting 60% of state revenue and over 65% of exports, this has spurred increased government borrowing to sustain the diversification agenda and mitigate the increasing fiscal deficit, which has run for the past eight quarters.<\/p>\n

Still, diversification was fruitful in mant aspects.<\/strong> The non-oil economy now exceeds half of the Kingdom\u2019s GDP and non-oil revenues reached USD 134 bn in 2024, compared to USD 50 bn in 2016. The Kingdom has also witnessed a boom in tourism, mns more women joining the workforce, and growth in new industries.<\/p>\n

Turbulence<\/strong> can be a sign of economic transformation:<\/strong> \u201cRecent spending increases reflect capex for Vision 2030 projects in their early stages \u2014 a temporary phase, not a long-term trend,\u201d a Finance Ministry spokesperson told Bloomberg, adding that \u201cas these transformative initiatives reach full operational capacity, they will generate returns and contribute to the fiscal position and the economy.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Out fiscal breakeven oil price has risen to USD 96 a barrel this year<\/p>\n","protected":false},"author":1,"featured_media":99275,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2561],"tags":[10,1556,229,573],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-99274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-saudi-in-the-news","tag-enterpriseam-ksa","tag-oil-gas","tag-saudi-in-the-news","tag-vision-2030","wpautop","entry"],"acf":{"mongo_id":"cc28df66-c55e-4599-897d-b467467d7739","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/6\/464.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Diversification spending drives need for higher oil revenues -Bloomberg","related_issue":[99257],"teaser":"Out fiscal breakeven oil price has risen to USD 96 a barrel this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.49aa996d-f29b-4634-bfb3-025f222dfca7.mp3"},"yoast_head":"\nMoving away from oil can be tricky for the Kingdom - 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