Special to WorldTribune.com

LONDON — Saudi Arabia has revised its energy strategy.

A leading Western consultant asserted that Saudi Arabia was moving away from crude oil toward other resources, particularly natural gas development.

Barclays said Saudi Aramco was exploring opportunities in nuclear and solar energy in an effort to increase power generation.

“Aramco is advancing from a traditional consumer of technology to a global innovator, largely to solve its own onshore and offshore challenges,”
Barclays analyst James West said.

In a research note, West said the Gulf Cooperation Council kingdom was responding to the prospect of shrinking oil output. Barclays assessed that Aramco would increase exploration and production spending by more more than 35 percent, with a budget of $15 billion in 2013.

  As oil production drops, Barclays, Saudi Aramco, Saudis change energy strategy as oil production drops, solar power