New Saudi energy minister urges producers to share burden

New Saudi energy minister urges producers to share burden

Trade and geopolitical tensions are affecting the market more than demand and supply, Mazrouei said, but he was quick to rule out hasty steps influenced by the trade war between the United States and China.

It was the first time the company has published half-year financial results and comes after Aramco opened its secretive accounts for the first time in April, revealing itself to be the world's most profitable company.

Until Prince Abdulaziz's appointment late on Saturday night, Saudi Arabia's oil ministry has been since 1960 headed by civilian technocrats.

He added that the so-called OPEC+ alliance, made up of OPEC and non-OPEC countries including Russian Federation, would be in place for the long term.

'We are proceeding with it cautiously. we are experimenting with two nuclear reactors, ' Prince Abdulaziz bin Salman said, referring to a plan to issue a tender for the Gulf Arab state's first two nuclear power reactors.

He also waved off the International Energy Agency's projections that demand for oil was slowing. During that period he led a team responsible for Saudi Arabia's oil strategy as well as long term Opec strategy.

"Saudi Minister reiterated Saudi Arabia's commitment to remain a reliable and sustainable partner in hydrocarbon supplies and also on Saudi investments in India", Pradhan said in another tweet. Al-Falih talked to the market a lot, frequently appearing on business TV channels and holding regular press briefings after OPEC meetings, a strategy that ran the risk of diminishing returns.

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Still, Russia's oil output in August exceeded its quota under the OPEC+ agreements.

As well as being responsible for oil production policy, Al-Falih was chairman of state oil company Aramco and led planning for its IPO. He joined the energy ministry in 1987 as an adviser after a brief period working at King Fahd University of Petroleum and Minerals, where he received a degree in industrial engineering and an MBA.

The prince will have a far narrower remit than his predecessor.

Diversification efforts are seen as the kingdom's top priority as oil trades around $60 a barrel, below the $80-$85 range needed to cover government spending. Aramco is now chaired by the head of the sovereign wealth fund and the industrial portfolio rests with another minister. That said, Prince Abdulaziz is expected to face mounting pressure from Saudi royals in order to boost oil prices to help reduce current budget constraints and to also lift the value from the partial privatisation of Saudi Aramco, which plans to list 1% of Aramco this year.

Top oil producers will consider fresh output cuts at a meeting this week, but analysts are doubtful they will succeed in bolstering crude prices dented by the US-China trade war.

His relationship with the crown prince will be critical. "The world can no longer afford such policy miscalculations". A challenging oil market may test ties between between the two princes.

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