How #Saudi oil minister fell from grace as #MBS pushes Aramco IPO | Financial Times

How Saudi oil minister fell from grace as MBS pushes Aramco IPO | Financial Times:

Khalid al-Falih appeared untouchable a year ago as he presided over a Saudi super-ministry that straddled energy, industry and mining. 

Crude prices had risen to their highest levels since the slump of 2014 partly because of his oil diplomacy. The much-hyped initial public offering of Saudi Aramco had stalled, suggesting technocrats, including the minister, had won the day in pushing for a more cautious approach to the listing. And when Crown Prince Mohammed bin Salman needed a senior minister to step up to help restore the kingdom’s image at Riyadh’s “Davos in the Desert” conference in the wake of the murder of Jamal Khashoggi, Mr Falih took to the stage — a reflection of his standing at home and abroad.  


But now as Prince Mohammed seeks to accelerate the listing of state-owned Aramco and inject new impetus into faltering economic reforms, Mr Falih has apparently been rendered surplus to requirements. Even under the tumultuous rule of the 34-year-old crown prince, the sacking of Mr Falih at the weekend represents a remarkable fall from grace for one of the kingdom’s highest-ranking officials and the de facto leader of Opec.