Undeterred by the prospect of peak oil demand, Saudi Arabia is betting its long-term future on oil. Not only is Saudi Arabia pouring investment into lifting oil production capacity at home, but it may even, for the first time, venture abroad in order to grow its oil business. “We are no longer going to be inward-looking and focused only on monetising the kingdom’s resources,” Saudi oil minister Khalid al-Falih told the Financial Times in an interview. “Going forward the world is going to be Saudi Aramco’s playground.” Saudi Arabia’s oil reserves are so vast that Aramco has not really needed to look abroad for oil. At over 260 billion barrels, Saudi reserves are second only to Venezuela, although much cheaper to produce. In recent years, Saudi Arabia has had two somewhat contradictory strategies. On the one hand, Aramco has stepped up investment in both oil and gas, hoping to […]