Saudi Arabia's direct, indirect reliance on oil falls to 68%: Minister

Faisal Al-Ibrahim, Minister of Economy and Planning

Saudi Arabia’s direct and indirect dependence on oil has declined from over 90% to 68%, according to Faisal Al-Ibrahim, Minister of Economy and Planning.

He explained that non-oil activities now account for 56% of the real GDP, exceeding the combined share of oil and government sectors.

Speaking during a session at the Berlin Global Dialogue Forum 2025, Al-Ibrahim noted that the Kingdom is still in the early stages of transformation, but indicators point to a more resilient and sustainable economy driven by productivity rather than spending.

He stressed that a nation’s strength lies not only in its resources, but also in its ability to leverage those resources, build effective institutions, and formulate efficient public policies.

The minister added that serious engagement with international partners is essential to shape a more stable global system.

Al-Ibrahim highlighted the importance of measured government intervention to mitigate risks facing the private sector, clarifying that such intervention should serve as a balancing tool, not a substitute for competitiveness or market dynamics.

He further stated that Saudi Arabia evaluates its economic interests carefully, making decisions that serve its long-term potential while maintaining balanced strategic partnerships.

Finally, the minister said that the Kingdom is committed to ensuring long-term market stability and meeting global demand, adding that it is currently working to phase out part of its voluntary production cuts as part of efforts to achieve a sustainable market balance.