by Dave Gonigam
Daily Reckoning
To hear the mainstream tell it, the rulers of Saudi Arabia are planning for a long future of relatively cheap oil.
This morning, the kingdom took the wraps off a 15-year plan to make the economy less dependent on crude. “We have developed a case of oil addiction in Saudi Arabia,” says Deputy Crown Prince Mohammed bin Salman.
To remedy that situation, the kingdom plans to “raise the capital of its public investment fund to 7 trillion riyals ($2 trillion) from 600 billion riyals ($160 billion) and would sell up to 5% of shares in state oil giant Aramco,” says a Reuters account.