Saudi Arabia Wavering Amidst Oil Slump: Is There a Way Back?

Contributed by Anshuman Kukreti, 28 August, 2015

Home to the shrine of Islam and harboring prosperity in its bosom, Saudi Arabia has in fact been a country that is not only the mother to plentiful opportunities, but a rising economic power making its mark in every sector across the globe as well. The largest Arab state in the western Asia, the country is renowned globally for the lavish lifestyle it puts forth for talented professionals, alongside numerous chances to grow with the best career prospects.

The oil sector in the country has been one such area that has been under the limelight, since ever. A country whose propelling economy more or less banks on the oil trade made by the flourishing global corporations, has of late been seeing a multitude of crest and troughs in the same regard. With the oil prices going downhill on a six-year low, the oil and gas policies of the country have been under some real time scrutiny. Well, the discussion to follow will throw some light over the same.


Souring Mood For all Saudi Businessmen

It might be astonishing, but there are a number of Saudi entrepreneurs and businessmen who have been banking on the oil and gas sector, whilst laying the foundation to a string of companies in the country. Not only have these been the ultimate source of employment for the expats in the country, but have also been making the  economy to shift its reliance on to other blooming industrial sectors that have been making a mark, recently.

A recent news article quoted a renowned entrepreneur quoting the fact that there's a high chance of the oil prices to stagger in the lows for nearly 10 years. However, the kingdom seeks to maximize its revenue base through crude oil sales, majorly to work on the future developmental plans.

Pursuing a robust growth strategy and spending immensely on the infrastructural development, there are slight chances of the regime going for a lowered down public expenditure, be it in any sector. The same might have increased the discontent amongst a few business corporations in the country, but has been well received by the local in the country, nevertheless.  

This might have raised question about the tumbling stock market although, but career opportunities in the Saudi petroleum sector remain sufficiently high in number. With the private sector making all attempts to revive a steep growth in the oil-fueled governmental framework, there are chances that having the right qualifications and honing the right skills might just get you the job you desire.


OPEC and Its Take on The Situation

In spite of the present oil slump, OPEC (Organization of Petroleum Exporting Countries) seems quite persistent with its supply strategy. It might the fact that the revenue is to decrease with the oil rates going down in most of the oil importing countries, but key members like Saudi Arabia are showing no signs of decreasing their market share. This boost has majorly been provided by OPEC, which has subsequently led to the supply being increased, with the same demand dwelling in the international oil market.

The same trend is to continue during the second half of 2015 and during 2016 as well. With Riyadh reporting the crude oil production numbers being as high as 10.6 million barrels per day, Saudi Arabia is on its path to become one of the first countries to pump nearly 11 million bpd. Having considered the fact that the national revenue is to be most affected by  the total oil production and oil export, the country is being quite specific regarding maintain its supremacy as one of the oil exporting superpowers on the globe.

While, the prices might stay in the lows, the country seems to be in no mood to give up on its economic development. You too can find a number of chances pertaining to career progression in the country, skills and the right knowledge of the field is all that's required.


Author Bio: Anshuman Kukreti is a professional writer and a keen follower of the global job market. An engineer by qualification and an artist at heart, he writes on various topics related to employment across the Gulf. Reach him @ LinkedIn, Twitter and Google+.

Tags: business | professionals | entrepreneurs | Saudi Arabia | banking | oil and gas | trade |

 

 





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