, Columnist
How Saudi Arabia Can Dash Iran's Oil Hopes
The kingdom should open its exploration and production industry to foreigners.
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Saudi Arabia needs to open up a little. If it wants to ensure its own low-cost oil gets to market before higher-cost crude from elsewhere, it should allow foreigners to invest directly in its oil industry.
Speaking before last week’s OPEC meeting, Saudi Arabia’s new oil minister, Khalid Al-Falih, said the kingdom was concerned about how future oil production could be affected by a lack of investment. Given the falling price of crude has forced oil companies to cut spending for two years running, that's understandable.