NEWSMAKER-New Saudi energy minister: a royal with decades of experience in OPEC cuts

When former Saudi oil minister Ali al Naimi crushed oil prices in 2014 by adding to global oversupply, one man in the kingdom stood firmly against this strategy. Prince Abdulaziz bin Salman, King Salman’s son and a veteran oil official, who on Sunday was named as new Saudi energy minister, is known in the industry for decades of work helping to foster OPEC production cuts. As he takes the reins at the world’s largest oil exporter from Khaled al-Falih, Prince Abdulaziz faces intensifying demands from Saudi royals to prop up oil prices to help ease budget constraints and push through plans to get maximum value from a partial privatisation of state oil giant Aramco.

Source: yahoo.com/news