• 20 mins Thanksgiving Gas Prices At 3-Year High
  • 4 hours Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 6 hours South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 10 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 10 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 11 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 13 hours ConocoPhillips Sets Price Ceiling For New Projects
  • 3 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 3 days Iran Prepares To Export LNG To Boost Trade Relations
  • 4 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 4 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 4 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 4 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 5 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 5 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 5 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 5 days Lower Oil Prices Benefit European Refiners
  • 6 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 6 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 6 days OPEC To Recruit New Members To Fight Market Imbalance
  • 7 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 7 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects

Breaking News:

Thanksgiving Gas Prices At 3-Year High

Alt Text

New Battery Design Could Crush Tesla

Elon Musk’s old rival, Henrik…

Alt Text

The Wireless Power Grid: More Than A 100 Years In The Making

In fulfilling Nikola Tesla’s dreams,…

Alt Text

Oil Rally Halts As Saudi Purge Continues

Oil prices fell slightly on…

Influential Saudi Oil Minister Dismissed

Al-Naimi Saudi Oil Minister

A Saudi government overhaul which saw the dismissal of the long-time Saudi oil minister signals quite a lot—from the kingdom’s new economic ‘’vision’’ to the fallout from the global oil price crisis.

Ali al-Naimi was replaced after serving as an oil minister for 20 years and earning himself the reputation as the most formidable figure in the industry.

He will be replaced by Khaled al-Falih, a former Health minister, who also spent 30 years working for the state-owned Saudi Aramco, largely as chairman of the oil conglomerate.

Al-Naimi’s removal comes as Saudi Arabia has embarked upon major economic reforms aimed at curbing the country’s dependence on oil whose lowest prices in a decade has inflicted massive financial losses. Related: Self-Driving Vehicles May Be Closer Than You Think

The former oil minister was known for his firm position of maintaining the output levels following the advent of the U.S. shale boom, which finally led to a global supply glut and which ultimately a major price slump which has turned the industry on its head.

As it turns out, however, Al-Naimi’s game plan was not necessarily to the liking of the royal House of Saud, and particularly Prince Mohammed, the son of King Salman and the overseer of the kingdom’s economic policy.

Al-Falih will take over a ministry which will merge energy, industry and mineral resources department. Related: As Oil Markets Tighten, Geopolitical Events Matter Again

Almost three quarters of Saudi Arabia’s revenues come from oil and, as prices slid more than 30 percent last year alone, the country’s budget deficit in 2015 amounted to $98 billion, the widest since 1991. That figure led to an 80% increase of petrol prices across the country.

The economic reforms eyed by the Saudi government include a 5 percent sale of Saudi Aramco which Prince Bin Salman says is worth as much as $2.5 trillion. The large funds raised through the listing will be sunk into a sovereign wealth fund designed to stimulate fresh economic avenues for the nation.

Oil prices were up early on Monday on the Saudi news, which some might feel could herald a change in the production level, but also due to the oil put offline by the Canadian wildfires. But fell back over one percent as traders showed themselves concerned about the overnight crash in Chinese commodity markets.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News