Oil peaking phenomenon will have multiple effects on the economic, political and social systems of the whole world and most of all on those countries that are economically structured as an oil-based economy such as Saudi Arabia. There have also been on-going debates over the timing of oil reaching its maximum production level. Despite the fact that these explanations and views on peak oil are insightful and partly interesting, they fall short of providing general consensus. The author envisages through his work to examine Saudi Arabia’s future economic strategies in the light of Oil production or demand Peaking and their potential implications for social well-being and socio-economic development. This work takes the view that the real concern is not whether or not oil production/demand peaking will take place but focuses on the strategic energy plans set by Saudi Arabia in preparation of this eventuality. Such economic plans are required to reform the Kingdom’s undiversified single-resource economy, mitigate the impact of oil peaking, and assist in preparing the kingdom to have a sustainable future economic growth during and beyond the post oil era.