Uncertainty looms after dramatic changes in Saudi Energy Ministry

Uncertainty looms after dramatic changes in Saudi Energy Ministry

Prince Abdulaziz bin Salman, Saudi Arabia's new energy minister and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), said the kingdom's policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained.

Saudi Arabia's new energy minister Prince Abdulaziz bin Salman has assured India that his country will remain a reliable supplier to the world's third-largest energy consumer and is committed to investing in the country.

But the IPO has failed to meet its 2018 deadline due to prevailing low oil prices that has also pushed investors to debate whether Aramco is really worth that much.

But in the past efforts to lift prices have routinely backfired in the medium term (18-36 months) by encouraging competing supplies and limiting consumption through greater fuel efficiency, conservation and substitution.

Aramco is "ready" for the IPO but the timing is a "government decision", Amin Nasser told reporters on the sidelines of the World Energy Congress in Abu Dhabi. In 2017, he was appointed minister of state for energy affairs. US crude inventories probably dropped for a fourth week through September 6, according to a Bloomberg survey before government data Wednesday.

Saudi Arabia wants to enrich uranium in the future to fuel its planned nuclear power programme, its energy minister said on Monday, a sensitive step that could complicate U.S. companies' involvement in the plan.

More talk of shale pullbacks and fiscal discipline should lower USA shale production expectations. While the move could have caused anxiety in trading circles, pressuring prices, assurances that Abdulaziz bin Salman would stay on the current course with regard to production seemed to have appeased the market.

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In April the head of the IAEA said his agency was asking Saudi Arabia to agree to safeguards on nuclear material that could arrive by the end of the year for its first atomic reactor.

In order for U.S. companies to compete for Saudi Arabia's project, Riyadh would normally need to sign an accord on the peaceful use of nuclear technology with Washington, under the United States Atomic Energy Act.

USA shale production has probably peaked for the time being and is set to fall in the second half of 2019 and into the first half of 2020.

"Chopping output will profit all members of OPEC". Saudi Arabia wants higher prices, but realizes the U.S. Late on Saturday night, Al-Falih was removed and replaced as energy minister by Prince Abdulaziz bin Salman.

But the style of Saudi Arabia's oil-market management is likely to be different.

Aramco's planned share sale should not change the calculation for policymakers: the best option is to allow lower oil prices to curb shale production and help rebalance the oil market in 2020.

For India, the changes are even more keenly watched as the country gets more than 80 per cent of its oil imports from the Organisation of Petroleum Exporting Countries (OPEC) headed by Saudi Arabia, which is also the country's second biggest supplier of crude.

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