S Ara­bia to main­tain ‘ sta­ble’ oil poli­cies: En­ergy Min­is­ter

Pakistan Observer - - ECONOMY WATCH -

RIYADH— 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 alFalih said.

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

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.

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

Falih’s ap­point­ment was part of a big­ger Saudi shakeup an­nounced on Satur­day as King Sal­man re­struc­tured some big min­istries in a ma­jor reshuf­fle in­tended to sup­port a wide- rang­ing eco­nomic re­form pro­gram.

As part of the re­struc­tur­ing, the Pe­tro­leum Min­istry has been re­named the Min­istry of En­ergy, In­dus­try and Min­eral Re­sources. “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,” Falih said.— Reuters

Khalid al- Falih

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