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A new Minister of Energy of Saudi Arabia

A new Minister of Energy of Saudi Arabia
September 09
09:00 2019

There have been serious personnel changes in one of the most influential countries in the world energy market. A new Minister of Energy has been appointed in Saudi Arabia. The Secretary General of OPEC Mohammed Barkindo said that despite the appointment, the authorities had already stated that they would not revise the actions regarding the OPEC + deal. It should be noted that the deal means reducing production by a number of countries. He noted that everyone was very surprised to hear the news about the appointment of a new minister.

The former head of the Ministry of Energy of Saudi Arabia is no longer a chairman of the board for Saudi Aramco. At the end of the week it became known that he would also leave his post at the Ministry of Energy. Abdulaziz bin Salman Al Saud will serve as a minister instead of him.

In addition to posts in Saudi Aramko and the Ministry of Energy, Khalid Al-Falih is also the chairman of the commission on trade relations with Russia. Alexander Novak, who participates in almost all negotiations on the volume of oil produced, represents Russia.

Earlier, the President of the Russian Federation noted that it was Saudi Arabia that had contributed to the fact that Russia joined the OPEC + agreement to reduce production.

The Russian leader is preparing to visit Saudi Arabia in October. Last month, Mr. Novak met with Al-Falih in Moscow. The next ministerial meeting will take place in Jeddah this week.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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