Saudi Arabia ceases to develop crude oil fields

Lower oil prices makes the largest exporter of black gold to stop work on new oil fields.
World’s largest exporter of crude oil, Saudi Arabia announced that it stopped all development of new oil fields. Such an order given by King Abdullah bin Abdulaziz Al Saud at the meeting of the Cabinet. Monarch explained his decision to the need to preserve oil for future generations of residents of the kingdom.

According to the Saudi state oil company Saudi Arabian Oil Co (Aramco), at the end of 2009 recoverable oil reserves in the country was estimated at 260.1 billion barrels, which is the largest in the world. Furthermore, according to the March to the company, by 2015 the authorities of the kingdom planned to invest in the development of oil and gas industry $ 90 billion in addition to the $ 62 billion invested in 2005-2010.

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