The Kingdom of Saudi Arabia has announced the vision 2030 in 2016. This explained vision was a long-term economic blueprint to transform the Kingdom’s economy aimed at minimizing the country’s reliance on oil. The petroleum sector accounts for roughly 85% of Saudi budget revenues. However, why the Kingdom wants to cut down of oil revenue rate in national budget? The economy of Saudi Arabia is dependent on oil cause Saudi oil reserves are the second largest in the world. Also it is the world’s leading oil exporter and second largest producer. Meanwhile, the total export and petroleum revenues have been decreasing franctionally since 2012 due to starting to decline of OPEC crude oil price. As you can see on the above graphic, the total export of Kingdom had gone down from $387 billion in 2012 to $207 billion in 2016. As for oil export had decreased from $336 billion to $163 billion in the same period. The reason of this decline, the average annual OPEC crude oil pri...