Barclays: Saudi Arabia refocusing Aramco’s strategy - Oil & Gas Journal:
"Saudi Arabia, with domestic oil use trimming exports and threatening the kingdom’s trade position, is refocusing the strategy of its national oil company, according to a Barclays analyst.
James C. West writes in a research note that Saudi Aramco is emphasizing natural gas development, pursuing opportunities in unconventional resources, and trying to become a technological leader.
The new push for on natural gas in part represents an attempt to displace subsidized oil in power generation. Saudi oil use increased to 2.9 million b/d, 25% of production, in 2012 from 1.6 million b/d, 17% of production, in 2000.
With internal consumption rising, Saudi Arabia has less oil available for the exports on which its economy and external accounts depend."
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