Saudi Arabia has been fighting with fellow OPEC members since the oil rout started two years ago. For the first time next week, it can argue convincingly that its strategy of squeezing rival producers is succeeding.

Now, under the economic plan known as Vision 2030 promoted by the king’s powerful son, Deputy Crown Prince Mohammed bin Salman, the government is signaling it wants to wean the kingdom’s economy off oil revenue, lessening the need to manage prices.

Saudi Arabia’s debt plans come as falling oil prices encourage other Gulf countries, including Abu Dhabi and Oman, to turn to capital markets for funding, setting a new record for borrowing by Middle Eastern governments so far in 2016. This week, Qatar said it was looking to tap dollar bond markets for the first time in five years.

Without any of those reforms, Saudi Arabia’s financial troubles would continue to intensify.

Saudi Arabia is going through one of the most difficult periods in its modern history. Oil prices have dropped from a July 2014 high of $115 per barrel to less than $30 per barrel in January this year. The country is surrounded by failed states: Iraq, Libya, Yemen, Syria and, arguably, Lebanon. It has a demographic bulge of ambitious, but exceedingly frustrated, young men and women whose expectations differ dramatically from those of their parents. And it faces an emboldened Iran eager to interfere in the affairs of Arab countries, and with the financial wherewithal to do so, via proxy armed militia.

Saudi Arabia, the world’s biggest oil exporter, plans “significant growth” in output in 2016 and further international expansion, the head of the country’s state-run producer said, even as global oversupply contributed to a drop in crude prices from a year ago.

Saudi Arabia, the world’s largest crude exporter, has raised June oil prices to Asia by the most in 14 months, in a hopeful sign that demand from the region is on the up.

The International Monetary Fund said it was encouraged by the efforts of Saudi Arabia and other Gulf Arab oil exporters to repair damage to their state finances as low crude prices slash export revenues.

The project, which includes plans to float a stake in the world's largest oil company and set up one of the world's largest government investment funds, is meant to provide a blueprint for sweeping reforms to steer the OPEC kingpin sharply away from its decades-long reliance on cheap-to-produce oil. King Salman said in a short televised announcement that the Cabinet approved the "Vision 2030" plan on Monday, and he called on Saudis to work together ensure its success.

Top oil exporter Saudi Arabia plans to generate 9.5 gigawatts of electricity from renewable energy by 2030, it said in Vision 2030 reform plan.