Worldwide

Who's Who: Prince Abdul Aziz bin Salman, Saudi Arabia's new energy minister

Who's Who: Prince Abdul Aziz bin Salman, Saudi Arabia's new energy minister”

And his younger son, Prince Khalid bin Salman, serves as deputy defence minister.

According to the TV channel, Khalid Bin Abdulaziz Al-Falih was dismissed from the position of Minister of Energy, Industry and Mineral Resources by the king's order. Prince Abdul-Aziz, a long-standing member of the Saudi delegation to the Organization of the Petroleum Exporting Countries with decades of experience in the oil sector, is not expected to change the kingdom's oil and OPEC policies, Saudi officials and analysts say.

Prince Abdulaziz bin Salman bin Abdulaziz Al Saud was appointed as the new Minister of Energy.

Following an eight-year stint as an adviser to the late Saudi Oil Minister Hisham Nazer, Prince Abdulaziz became Deputy Oil Minister in 1995, a post he occupied until 2004, when he was named assistant to the minister. He was named deputy oil minister in 1995, a position he held for almost a decade.

"I think he did the most he could, and I think Prince Abdulaziz will probably do something very similar with the same kind of results", said Robin Mills, CEO of Dubai-based energy consulting firm Qamar Energy.

Saudi Arabia has been pumping less than 10 million barrels per day for most of 2019, below its OPEC output target.

Falih also played a role in the kingdom's foreign policy as he helped manage Saudi Arabia's deepening relationship with Russian Federation as the two major oil producers worked together to prop up prices, according to the Financial Times.

Aramco's new board chairman that substituted al-Falih is the finance-minded Yasir al-Rumayyan, who heads the Public Investment Fund, the nation's autonomous wealth finance.

His diminishing role had led to reports that he was out of favour with the crown prince, who is pushing to diversify the Saudi economy away from its dependence on oil revenue for survival. It signaled a possible rift with the crown prince over his management of various issues, including reportedly moving too slowly in advancing Prince Mohammed's plan to sell shares in the state-owned oil company Aramco.

As the world's largest crude exporter, the kingdom has continued to cut output to balance global market demand.

To keep oil prices from sliding even further, al-Falih led Saudi Arabia's curb on production in OPEC and the oil cartel's agreement with other major oil producers, like Russian Federation, to cut production in past years.

INSIDE STORY: Will a Saudi Aramco IPO ever happen? He didn't mention a new deputy energy minister.

Gary Ross, a veteran OPEC watcher and founder of Black Gold Investors, said he first met Prince Abdulaziz in early 1980s.

He was the architect of a pact between the Organization of the Petroleum Exporting Countries (OPEC) and some other oil producers, including Russian Federation, that was created to reduce oil supply to boost prices.



Like this

loading...
loading...

Latest


10 September 2019
Hizbollah 'shoots down Israeli drone' inside Lebanon amid rising tensions
Al Arabiya said the base, in the al-Boukamal area, also housed forces from the Lebanese Hezbollah terror group. The military said the drone went down Sunday, not Monday, and the reason for the discrepancy was not clear.

10 September 2019
'Sky Is Pink ' signifies ' joy, ' ' tragedy, ' Priyanka Chopra
The Sky Is Pink will have its premiere at the ongoing Toronto International Film Festival 2019 (TIFF 2019) on September 13. She had also called out Priyanka and other Bollywood celebrities for fuelling hate an islamophobia.

10 September 2019
Los Angeles Rams: Staff predictions vs. Carolina Panthers
Even with Newton missing the final few games, Carolina finished 2018 ranked eighth in yards per play . Weddle, 34, is in his first season with the Rams after spending the previous three with the Ravens.

10 September 2019
Saudis Look To Enrich Uranium For Nuclear Power Program
A banker close to Saudi Aramco said the oil company was focused on driving through the IPO this year. In 2017, he was appointed minister of state for energy affairs.

10 September 2019
LSU will measure if Longhorns really are back
Royal Texas Memorial Stadium with 573 yards that included 471 passing yards from Tigers quarterback Joe Burrow . Texas spent time rebuilding its defense in the offseason only to see it shredded by LSU over the weekend.

10 September 2019
Apple Music is now available on the web
The company launched a public beta for a browser-based Apple Music , allowing users to stream without downloading any apps. The company often likes to lock its users into its world - a web based version of Apple Music doesn't do that.

10 September 2019
United States pulled spy from Russian Federation due to safety concerns under Trump
In the first months of his administration, Trump's handling of classified intelligence further concerned intelligence officials. They wondered whether the informant had been turned and had become a double agent, secretly betraying his American handlers.

10 September 2019
Pakistan demands United Nations probe of India actions in IOK, fears 'genocide'
The update to the report published in July this year under Bachelet was equally critical about alleged human rights violations in Kashmir.

25 July 2019
Improve your level of Ukrainian language with NovaMova
A lot of people want to speak and read Ukrainian language correctly, for example: students, pupils, foreigners and many others. This immersion learning method will be very comfortable for every person and you will be highly satisfied with the result.

11 May 2018
All You Should to Know about Cisco CCNP Certification
Cisco provides the seekers with a wide range of courses depending on different areas included in the field of IT. The certificate holder gets a good position in the field of IT, and is capable to add new apps and networks.