Saudi’s New Sheriff In Town…
After 20 years, Ali al-Naimi steps down as Saudi Arabia’s oil minister.
Ali al-Naimi oversaw 10 million barrels a day and kept the world’s second largest oil reserve making billions of dollars over the course of his time at the helm.
Khalid Al-Falih was recently appointed and had his first day in office on Sunday. He doesn’t see any reason to slow down. The priorities have been sales over prices since 2014 which has drove some higher-cost producers out of the market. This particular strategy seems to be working very well as the prices of oil have rallied nearly 60 percent since tumbling in January.
Crude oil soared as Saudi's new oil boss took office, now settling pic.twitter.com/79L3uiFKDy
— The Capitalist (@Capitalist_Site) May 9, 2016
“Saudi Arabia will maintain its stable petroleum policies,” Al-Falih said in a statement on Sunday. “We remain committed to maintaining our role in international energy markets and strengthening our position as the world’s most reliable supplier of energy.”
Read more here: http://www.bloomberg.com/news/articles/2016-05-08/saudi-s-new-oil-boss-seen-chasing-record-output-to-stymie-shale