Saudi Arabia has a new energy minister: What it means for oil | Explained News, The Indian Express

Saudi Arabia has a new energy minister: What it means for oil | Explained News, The Indian Express

By Bloomberg |Updated: September 9, 2019 2:01:41 pm

Saudi Arabia has a new energy minister: What it means for oil

Prince Abdulaziz served as deputy petroleum minister for a dozen years and most recently as minister of state for energy since 2017.

Promoting an oil policy that boosts prices to a level that can sustain government spending — a price some a barrel higher than it is now — may be the top priority for the new energy minister. (Photo: Simon Dawson)

Saudi Arabia’s King Salman Bin Abdulaziz named his son Prince Abdulaziz as the country’s energy minister, replacing Khalid Al-Falih, who led three years of active OPEC diplomacy to forge a global alliance with producers such as Russia to limit production in order to prop up prices. Will this change the policy, or will it affect Saudi Aramco’s plan for an initial public offering?