Saudi Arabia to Move Away from oil Dependency as Plunging Prices Hit Economy

Saudi Arabia wants to be able to “live without oil by 2020”

Saudi Arabia's government has backed plans to reduce the Kingdom's "addiction" on oil.
Plummeting prices have left the fossil-fuel dependent regime exposed to falling revenues.
Oil accounts for nearly 80% of Riyadh's income - but ministers have move to slash its dependence on the market.
Announcing the reforms, Deputy Crown Prince Mohammed bin Salman described his country as being "addicted" to oil.
The Vision 2030 plan, he told the Saudi-owned Al-Arabiya news channel, would ensure "we can live without oil by 2020".

Oil prices are still less than half the peak of $115 a barrel seen in June 2014.

Prince Mohammed bin Salman announced the plan

But the prince said the reforms would go ahead regardless of a recovery in prices.

"The vision has nothing to do with crude prices," he said.

"If the oil price goes back up it would greatly support the vision but it does not need high prices.

"We can deal with the lowest prices possible."