As oil traders braces for fresh geopolitical turmoil, Ali Naimi, the veteran oil minister of Saudi Arabia, will be once again on the spotlight to reassure the market.
For him, the Libyan crisis will be the latest of a long list, including the collapse of oil prices in 1998-1999, the Venezuela oil strike of 2002, the Iraqi war of 2003, the Katrina hurricane of 2005 and the spike in prices between 2005 and 2008. But some people in the market believe that the current crisis could be the last one for Mr Naimi.
The oil market has been abuzz with talk about his retirement for months as part of a long-delayed reshuffle of Saudi Arabia’s cabinet. The country’s King Abdullah will address the nation on Friday, raising further talk about an imminent change. Mr Naimi’s retirement is not, however, a done deal; amid a volatile oil market and a geopolitical crisis, it would be strange to replace the most reliable and experienced pair of hands.
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