CNN: Saudi Arabia just fired its oil minister
Saudi Arabia has fired long-serving oil minister Ali al-Naimi as it seeks to limit damage from crashing oil prices, effectively ending the career of one of the industry's major power brokers.
Al-Naimi, 80, was named oil minister in 1995, and has long been the public face of Saudi Arabia's energy policies.
He will be replaced by Khalid al-Falih, the chairman of state oil firm Saudi Aramco. The oil ministry has also been renamed the Ministry of Energy, Industry and Mining as part of a larger reorganization announced by official state media.
Al-Naimi had in recent months represented Saudi Arabia in talks with other major oil producers. He insisted that Saudi Arabia would not cut production in the face of falling prices and tried instead to convince other countries to freeze output at current levels.
A freeze has yet to materialize.
Read more ....
WNU Editor: Someone has to be blamed in Saudi Arabia for the collapse of the oil industry, and long-serving oil minister Ali al-Naimi became the target. But will this change anything .... no. Oil prices are now being driven by market conditions, not OPEC oil diktat .... and that is not going to change for the foreseeable future. Saudi Arabia's central Banker was also replaced .... Saudi Arabia appoints new central bank governor (Reuters).
More News On Saudi Arabia's Government Shake-up
Saudi Arabia Ousts Longtime Oil Minister -- AP
Saudi shake-up rolls on with big reshuffle of economic posts -- Reuters
Saudi Arabia government overhaul sees oil minister removed -- BBC
After 20 Years, OPEC Bids Adieu to Saudi Arabia Oil Supremo -- Bloomberg
Saudi Arabia names new oil minister -- DW
Saudi Arabia’s King Salman Shakes Up Government Ministries -- WSJ
Saudi Aramco Chief Named Oil Minister in Sign of Stable Policy -- Bloomberg
Saudi Arabia names Khalid al-Falih energy minister to replace Naimi -- Reuters
Political Shake-Up In Saudi Arabia Has Big Implications For Oil Market -- Seeking Alpha
Here’s what the departure of Saudi Arabia’s al-Naimi means for oil prices -- Market Watch
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