Saudi Arabia’s massive hydrocarbon endowment and ownership of Islamic holy sites have spawned a political economy unique in the world. The monarchical state that oversees these sites and resources has developed sophisticated structures of energy governance, including an ability to combine long-term planning with short-term market maneuvering. This paper explores established policy levers and practices, while assessing Saudi Arabia’s emerging strategy for future participation in the oil business. Over the long term, the monarchy’s survival hinges on its ability to find new niches in a business that has sustained it for nearly a century.