Arab energy industry not competitive enough – Saudi

The energy industries of many Arab oil producers are not competitive enough and the region should invest more in developing the sector while keeping in mind efforts by industrial nations to reduce dependence on crude oil, Saudi Oil Minister Ali al-Naimi said on Sunday.

He also told an Arab energy conference in Jordan that Middle Eastern governments, many struggling with a growing population and unemployment, need to diversify the economic base of their countries to shield themselves from fluctuations in the price of oil, their chief revenue earner.
Reuters