The world's biggest oil exporter – Saudi Arabia – is getting out of oil.
Saudi Arabia is signalling that it plans to sell off its state-owned petroleum assets to establish a US$2 trillion sovereign wealth fund. The cash will then be invested in shares and other non-oil based industries. Fears of peak oil – shortages of supply – that inititally sent oil prices skyrocketing have receded as places like the US and Canada have ramped up domestic production through fracking and extracting oil from tar sands.
Terry Macalister is the Energy Editor of The Guardian and he's been following the changing global energy sector.