Saudi Arabia will go into the meeting of OPEC and non-OPEC producers in Vienna on May 25 determined to maximize its oil revenue through high prices, even if it must make large production cuts in return.

The recent steps to increase the transparency of fiscal policy through the publication of the Fiscal Balance Program and the First Quarter Budget Report are very welcome. This greater transparency will help private businesses and investors better plan their investment and employment decisions.

Saudi Arabia’s conventional approach to market management is no longer working: crude has fallen back below $50 a barrel, US shale oil output is again on the rise and Saudi-led Opec, if anything, is worse off than when it agreed the supply deal back in November, having cut volumes for little upside on price.

"The good news is that the market is moving towards rebalancing," Saudi Aramco CEO Amin Nasser said at the International Oil Summit in Paris last week. "There has also been a rapid drawdown of floating storage in the first quarter of this year. This is being driven by improving fundamentals and the OPEC deal."

Saudi Arabia, the world’s largest crude exporter, cut pricing for June oil exports to Asia as it fights to defend sales in its biggest regional market. The kingdom raised pricing to all other regions.

Saudi Arabia aims to produce 10 percent of its power from renewable sources in the next six years as it pushes ahead with a multi-billion-dollar plan to diversify its energy mix and free up more crude oil for export.

Aramco is gearing up for a share listing next year, aiming to get a valuation of up to $2 trillion in what could be the world's biggest initial public offering (IPO).

“We are continuing to invest and strengthen our core oil and gas business across the value chain.”

Saudi Arabia plans to develop almost 10 gigawatts of renewables by 2023, requiring investment of up to $50 billion

Saudi Arabia has slashed the tax rate for state energy company Saudi Aramco as the company woos private investors and seeks the highest possible valuation ahead of its planned initial public offering in 2018.