RPT-COLUMN-Policy options for Saudi Arabia’s new energy minister: Kemp - Reuters:
Prince Abdulaziz bin Salman is the first member of the Saudi royal family to be appointed to the all-important role of energy minister but he faces the same constraints as the commoners who held the position before him.
The new minister needs higher oil prices to increase export earnings and help pay for the government’s ambitious social and economic transformation programme, known as Vision 2030.
But each time the kingdom restrains its own production to lift prices, it encourages a new surge in output from countries outside OPEC, especially U.S. shale firms.
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