Saudi shifts focus to gas as oil expansion ends

Saudi state oil giant Aramco is shifting its exploration and production focus to gas to meet rapidly rising domestic demand as its programme to expand oil capacity comes to a close.

Falling global oil consumption has left the kingdom sitting on its biggest supply cushion in years and allowed it to shift attention from oil to booming gas demand at home.

“There will be more gas developments,” a senior source at Aramco told Reuters. “We are expanding gas activity and we are slowing down oil.”
Forexyard