S. Arabia Ousts Longtime Oil Minister

S. Arabia Ousts Longtime Oil Minister

Longstanding Saudi Oil Minister Ali Al-Naimi, the architect of the 2014 switch in OPEC policy that has since roiled crude markets, was replaced with Khalid Al-Falih, chairman of the Saudi Arabian Oil Company, according to the nation’s official news agency.
Al-Falih, who was excused from his post as health minister, will head the Saudi Ministry of Energy, Industry and Mineral Wealth, Saudi Press Agency reported, citing a royal decree, Bloomberg reported.
Naimi, 80, had held the post since 1995 and was one of OPEC’s longest-serving and most influential ministers. Al-Falih, born in 1959, was running Saudi Aramco, as the world’s largest petroleum company is known.
The changes announced on Saturday come as the government plans wide reforms aimed at overhauling the Saudi economy amid lower oil prices that have eroded state revenues.


Short URL : http://goo.gl/ZY6zxu
  1. http://goo.gl/dYH2Xu
  • http://goo.gl/248Od9
  • http://goo.gl/YbuBW2
  • http://goo.gl/78zAxk
  • http://goo.gl/3405fa

You can also read ...

Iran Oil Ministry Priorities for 2017-21 Outlined
Expanding oil loading and export facilities along the Sea of...
Major oil companies are joining Silicon Valley in backing...
FPSO Cyrus is Iran's floating production storage and offloading vessel.
Cumulative crude oil output from the South Pars Gas Field’s...
Aramco Could Lose $500b as Climate Change Accord Impacts IPO
While Crown Prince Mohammed bin Salman is pushing Saudi Aramco...
The government guarantees the purchase of electricity from solar plants for 20 years.
The sun-drenched province of Yazd in central Iran is...
S. Korea's Iran Oil Imports Jump 27%
South Korea's crude oil imports from Iran rose 26.5% in July...
Crude Prices Steady
Oil prices steadied on Tuesday after sharp falls the session...
US Shale Output Rising
New Energy Information Administration data put US shale output...