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Saudi Aramco capex trajectory 2026: oil, gas, downstream, and the Vision 2030 reset
Aramco's revised capital plan reflects a new equilibrium between oil maintenance, gas growth, and petrochemicals integration as Riyadh recalibrates Vision 2030 ambitions against a softer crude price deck.
Saudi Aramco enters 2026 with a capex envelope reshaped by the January 2024 directive to halt expansion of maximum sustainable capacity at 12 million barrels per day, down from the prior 13 mbd target. The reallocation channels roughly 48 to 58 billion dollars per year into upstream maintenance, the Jafurah unconventional gas megaproject,...
Saudi Arabia 2026: The Vision 2030 Reset and PIF Capital Recycling
Riyadh has phased The Line down to a 2.4 kilometer Phase 1 stub by 2030, deferred giga-project milestones into the FIFA 2034 envelope, and pivoted PIF toward AI compute, gaming, and listed equity recycling while Brent prints USD 65 to 75 against a fiscal break-even near USD 108.
Saudi Arabia entered 2026 with a recalibrated Vision 2030. The Line, originally pitched at 170 kilometers, now targets a 2.4 kilometer Phase 1 corridor by 2030, with the rest of the spine pushed toward 2045. Trojena anchors the 2029 Asian Winter Games, Sindalah opened in October 2024 as the first operating asset inside NEOM, and Qiddiya, ...