Saudi Arabia is preparing for “the twilight of the oil age.” On Friday, April 1, in an interview with Bloomberg said Prince Muhammad bin Salman.
The representative of the Royal family announced that the country plans to create a sovereign Fund with a volume of two trillion dollars. The money will be used to get rid of oil dependence.
In addition, the state oil company Saudi Aramco can go to market in 2017. The government plans to implement in the market to five per cent stake in the company.
April 1 at 13:40 GMT Brent is trading around USD 39.65 dollars a barrel. For stabilization of quotations of the oil producers plan to suspend the production at the level of January 2016. The next negotiations will take place on 17 April in the Qatari capital Doha. 12 countries have confirmed participation in this event.
However, Saudi Arabia will agree to freeze production only if a similar step will be Iran. The Islamic Republic is going to freeze the production after it will grow to four million barrels per day (now about three million).
