Saudi Aramco’s strategy to dominate the oil industry is a fascinating tale of success and innovation. With a daily production of 9 million barrels, they lead the pack in the energy sector, holding a significant portion of the world’s oil reserves. Their low production costs of $3 per barrel give them a competitive edge, resulting in staggering profits of $282 billion over the past two years. Despite concerns about carbon emissions, Aramco’s efficient methods make their product desirable in a world transitioning to cleaner energy sources.
While competitors struggle, Aramco’s market share continues to grow with minimal effort. However, the company’s employees are working tirelessly to support Crown Prince Muhammad bin Salman’s vision of reducing Saudi Arabia’s dependence on oil, diversifying its economy, and promoting sustainable energy practices.
2024-06-02 11:48:17
Source from www.economist.com