Saudi Arabia Oil Ministry Shake-Up: What It Means - Bloomberg:
It seems to me that Khalid Al-Falih, just ousted as Saudi Arabia’s Energy Minister, is better off out of it. Imagine waking every morning wondering how you’re going to spend that day appeasing two masters. One of them, a capricious force capable of fueling instability in the Middle East. The other, the oil market.
Having recently been stripped of his industry and mining portfolios as well as the chairmanship of Saudi Arabian Oil Co. – known as Saudi Aramco – Al-Falih’s latest demotion is more of a coda than a coup. This being Saudi Arabia, especially under the current rule of the King and his son Crown Prince Mohammed bin Salman, there is naturally the whiff of intrigue. A more straightforward explanation is that the oil crash and long-delayed initial public offering of Aramco have claimed another scalp.
Aramco’s new chairman is Yasir Al-Rumayyan, a board member running the sovereign wealth fund that is due to receive the world’s biggest ever round of seed funding from the IPO. He is also a close adviser of MBS, as the crown prince is known. Meanwhile, the new energy minister will be Prince Abdulaziz bin Salman, an energy ministry veteran who just happens to also be the half-b
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