Saudi Aramco chief executive Khalid al-Falih becomes the kingdom’s new energy minister

https://www.theguardian.com/business/2016/may/08/saudi-arabia-appoints-new-oil-minister-khalid-al-falih

The new energy minister of Saudi Arabia, the world’s biggest oil exporter, on Sunday pledged continuity in the kingdom’s oil policy, after being named in a major government overhaul.

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“Saudi Arabia will maintain its stable petroleum policies,” Khalid al-Falih said a day after King Salman appointed him to replace longtime former oil minister Ali al-Naimi.

“We remain committed to maintaining our role in international energy markets and strengthening our position as the world’s most reliable supplier of energy,” Falih added.

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Salman placed Falih, the chairman of state oil giant Saudi Aramco, to head an expanded energy, industry and mineral resources portfolio.

His predecessor Naimi had led the now-defunct ministry of petroleum and mineral resources for about two decades.

Naimi oversaw a major change in policy towards the end of his tenure when Opec refused to cut production despite a price plunge.

Instead, Opec kingpin Saudi Arabia focused on protecting its market share and driving out less-competitive players, including the developers of US shale oil.

Major oil producers failed to reach an agreement on freezing output in Doha last month as Saudi Arabia insisted any deal must include all Opec members, including rival Iran which boycotted the talks.


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About Kelvin Ching

I'm a professional Forex trader and I have been trading for over 7 years. I was a series 3 broker and a registered CTA with the NFA, the main regulatory agency in the United States, and I have been involved at the highest levels in commodity trading. I also have a background in Information Technology, graphics design, and programming... I'm the co-founder of CurrencyNewsTrading.com, a site dedicated to fundamental analysis and news trading.

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