Posted on 05/10/2016 3:45:13 PM PDT by bananaman22
In a surprise move, Saudi Arabia sacked its long-time oil minister over the weekend, an event that illustrates the near-total control that the new young Saudi prince has obtained over the country’s energy industry.
For many years, Ali al-Naimi, the outgoing Saudi oil minister, was the voice of Saudi Arabia’s oil industry and policy. Even seemingly insignificant remarks from al-Naimi could move oil prices up or down. But the 80-year old oil minister has seen his power eclipsed by the 30-year old Deputy Crown Prince Mohammed bin Salman. In April, when al-Naimi was forced to backtrack on the Doha oil freeze deal, reportedly at the behest of the Deputy Crown Prince, it was clear that his time at the helm was coming to an end.
(Excerpt) Read more at oilprice.com ...
I can’t be too sure but don’t any of you out there think that they are running scared? Putting out a lot of oil.
They have to raise money to cover as much of the budget as possible and the only way to do that is to pump more oil even if the price is low.
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