Bid & Tender
Saudi to Maintain Stable Petroleum Policies

Date : May 11, 2016

Saudi Arabia's new energy minister said on Sunday the world's largest crude exporter was committed to meeting demand for hydrocarbons from its customers and would maintain its petroleum policies.

 

"Saudi Arabia will maintain its stable petroleum policies. We remain committed to maintaining our role in international energy markets and strengthening our position as the world's most reliable supplier of energy," Khalid Al-Falih said in an e-mailed statement.

 

"We are committed to meeting existing and additional hydrocarbons demand from our expanding global customer base, backed by our current maximum sustainable capacity."

 

Saudi Arabia's King Salman on Saturday replaced the veteran oil minister 80-year-old Ali Al Naimi, in charge of energy policy at the world's biggest oil exporter since 1995, with Al-Falih in a major reshuffle intended to support a wide-ranging economic reform programme unveiled last week.

 

Al-Falih heads the newly created Energy, Industry and Natural Resources Ministry.

 

Major changes were also made to the economic leadership, with Majed Al Qusaibi named head of the new Commerce and Investment Ministry, and Ahmed Al Kholifey made governor of the Saudi Arabian Monetary Agency (Sama), the central bank.

 

Since 2014, Saudi Arabia has led Opec through a new survival-of-the-fittest strategy aimed at defending market share rather than reducing production to support oil prices.

 

Al-Falih's comments on Sunday support analysts' views that no shift in Saudi oil policy is likely as a result of his appointment.

 

"The creation of a new Ministry in Saudi Arabia that brings together the Kingdom's abundant and unrivalled energy and mineral resources and industrial capabilities is in line with the ambitious objectives of Saudi Vision 2030," Al-Falih said.