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.
“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.
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.
Saudi Aramco chief executive Khalid al-Falih becomes the kingdom’s new energy minister
May 9, 2016 by Leave a Comment