• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 1 hour In a Nutshell...
  • 1 day Is OilPrice a cover for Green Propganda
  • 3 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 3 hours Putin Paid Militants to Kill US Troops
  • 4 hours Why Wind is pitiful for most regions on earth
  • 1 day Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 19 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 1 hour Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 20 hours Happy 4th of July!
  • 18 hours Apology Accepted!
  • 1 day Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 2 days The Political Genius of Donald Trump
  • 3 days Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
Exxon May Finally Book Major Writedowns

Exxon May Finally Book Major Writedowns

ExxonMobil could write down the…

Oil Capped By COVID Fears

Oil Capped By COVID Fears

Oil prices rose this week…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Saudi King Ousts Al-Falih From Oil Ministry, Appoints Son

Saudi Arabia’s King Salman has replaced Energy Minister Khalid al-Falih with his son Abdulaziz, a long-term member of the Saudi delegation to OPEC.

CNN quoted a source from OPEC recently as saying Al-Falih had "never been enthusiastic about an IPO for Aramco," which could be part of the reason why he was removed from the top oil job in the Kingdom.

Recently, Riyadh has increased its Aramco IPO-related activity. Last week, it emerged that the King would split the Energy, Industry and Mining Ministry into two, with one dedicated singularly to energy. Initially, Al-Falih kept his job as head of that ministry but lost his position as chairman of the board of Aramco.

The reshuffle followed quotes from senior officials that the Aramco IPO remains on track for the early 2020s. The company last month posted its first-ever financial report, which showed a decline in profits for the first half on the back of lower oil prices. Still, even with the decline, Aramco remained the company with the fattest profit globally.

Yet this might not be enough to lure investors into the listing that has been hailed as the deal of the century, expected to generate US$100 billion on a total valuation of US$2 trillion—a valuation that has been questioned by external auditors. While a recent bond—another first for Aramco—ended up substantially oversubscribed, shadows hang over the IPO, which would explain the burst of activity recently. Related: US Producers Continue To Pump At Record Rates As Rig Count Drops

Prince Abdulaziz is hailed by supporters as a knowledgeable man about oil markets. "I think it is a positive notion to the market that a person like Prince Abdulaziz is taking [the oil ministry] with all of that history of OPEC that he has," said his UAE counterpart, Suhail al-Mazrouei, as quoted by CNN.

Yet it bears noting that this is the second energy minister replacement over the last six years, and any change in such a top position would create doubts about the consistency of policies that will have a direct bearing on Aramco’s financial performance in the future.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • John Di Laccii on September 12 2019 said:
    Panic Mode. How to sell something worth 400 billions for 2 trillions? That is the question.

Leave a comment




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