Saudi Arabia’s Oil Chief Faces Toughest OPEC Test - Bloomberg:
"Since he became Saudi Arabian energy minister two years ago, Khalid Al-Falih has had a good run: he persuaded a fractious OPEC to cut oil production, convinced Russia to join the cartel in curbing output, and then saw Brent crude rise nearly 75 percent to $80 a barrel. But his toughest test comes next week when the Organization of Petroleum Exporting Countries holds what’s likely to be its most difficult meeting in years. As economic growth, renewed sanctions on Iran and the collapse of Venezuela’s petroleum industry stretch the global oil market, he needs to ensure a smooth exit strategy from the cuts without causing a crash in prices. To make things more complicated for the mechanical engineer turned oil diplomat, OPEC is being buffeted by competing geopolitical agendas. While Riyadh and Moscow have agreed to open the taps, Caracas and Tehran want higher prices to compensate for the impact of U.S. sanctions. "
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