Driven By Interest On The Saudi Oil Policy

Saudi Arabia is one of the most important countries in the Middle East, and it has always taken the leading role in the oil policy transformation of the international petroleum monopolist OPEC. Moreover, the kingdom's oil policy has a great influence on the international oil supply and the oil price.This paper reviews its history of oil policy before the end of last century. Particular attention is given to the reasons why the kingdom adopted the mild policy at the most time. There are three possible answers as follows, to ensure the long-term security of oil supply; to maximize the long-range oil earnings to the national economy; and to maintain the stability and longevity of the Royal family control. These reasons also influence the recent adjustment of the oil policy And more attention is given to the key cooperation between the two competitors Saudi Arabia and non-OPEC oil- producing countries, the target oil price modification and the market strategy as attracting the international capital of the multinational petroleum companies and expanding the downstream cooperation abroad. Finally, the author forecasts that Saudi's future oil policy will still be mild in the long term according to the fluctuant market and complex regional and world situation.