Saudi Arabia aims to diversify its economy away from crude oil exports into refined petroleum… JUBAIL, Saudi Arabia—Saudi Arabia’s decision to push for an OPEC deal to reduce crude-oil production and boost prices traces back to the kingdom’s need to diversify its economy away from crude oil exports. In its thrust toward diversification, the Organization of the Petroleum Exporting Countries’ de-facto leader needs to monetize massive reserves of crude oil. That means building up targeted noncrude sectors such as refined petroleum products, petrochemicals and minerals mining. From there, the kingdom would help finance a push into other sectors, such as tourism, manufacturing and financial services. That goal helped to drive the Saudis toward pushing for substantial output restraints at the cartel’s meeting in Vienna this week. It was a step the kingdom has for decades avoided, as it pursued market share at the expense of prices. A trip on […]