The recently published economic reform plan for Saudi Arabia, Vision 2030, is completely unrealistic, writes ex-Shell geoscientist Jilles van den Beukel. He argues that it should be seen in the light of Mohammed bin Salman’s grab for power. The deputy crown prince, the King’s favourite and de facto ruler of the country, has a limited time span to solidify his power base, given the frail health of his father. Van den Beukel argues that only realistic, gradual reforms can save Saudi Arabia. Saudi Arabia plays a pivotal role in the world of energy. Over 10% of global oil production originates from Saudi Arabia and it possesses a much larger share of global oil reserves. Its spare capacity implies that it can (but not necessarily will) act as a short term swing producer. Its oil policy has a key influence on the oil price – as was demonstrated once more […]