Saturday, May 7, 2016

Saudi Arabia replaces veteran oil minister Ali al-Naimi

al-Naimi had argued for maintaining production in the face of declining prices, so we'll see if this is also a change in strategy.

From the Financial Times:
Saudi Arabia has replaced its long-serving oil minister as part of a larger government shake-up.

A royal decree on Saturday announced that Ali al-Naimi had been replaced by Khaled al-Falih, the health minister and Saudi Aramco board chairman....MORE