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Tag Archives: ali al-naimi

Saudi Arabia ousts longtime oil minister

DUBAI, United Arab Emirates (AP) — Saudi Arabia on Saturday announced the ouster of its longtime oil minister as part of a larger ongoing government shakeup. A royal decree announced that Ali al-Naimi has been replaced by former Health Minister and Saudi Aramco board chairman Khaled al-Falih. Al-Naimi has long been a pillar of Saudi oil policy, leading the Ministry ...

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Saudi oil minister says market should handle low prices

Saudi Arabia's Minister of Petroleum & Mineral Resources Ali Al-Naimi speaks at the annual IHS CERAWeek global energy conference Tuesday, Feb. 23, 2016, in Houston. (AP Photo/Pat Sullivan)

HOUSTON (AP) — Saudi Arabia’s oil minister says production cuts to boost oil prices won’t work, and that instead the market should be allowed to work even if that forces some operators out of business. Ali Al-Naimi said Tuesday that cutting production would mean low-cost producers like Saudi Arabia would be subsidizing higher-cost ones — an apparent reference to U.S. ...

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Al-Naimi urges Arab states to boost energy cooperation

JEDDAH — Petroleum and Mineral Resources Minister Ali Al-Naimi called for joint action among fellow Arab energy producers to increase trade, investments and partnerships. “The challenge which we are facing in the Arab world is representing our need for more joint action in the field of the oil and energy, and try to have more trade partnerships in between the ...

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Saudis looking at raising domestic energy prices – oil minister

RIYADH – Saudi Arabia is looking at raising domestic energy prices, Oil Minister Ali al-Naimi said on Tuesday, confirming that the kingdom could cut a lavish system of subsidies blamed for waste and surging fuel consumption. Asked on the sidelines of a mining conference whether he expected domestic energy prices to increase in the near term, Naimi told reporters: “What ...

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OPEC oil price anchor could be easy to unmoor

VIENNA – To hear OPEC ministers in Vienna last week, one would think the cartel’s battle for market share is a complete success and oil prices are now firmly anchored where they are. “The strategy is working… It will take time for markets to rebalance,” was the mantra from OPEC kingpin Saudi Arabia’s oil minister Ali al-Naimi and his peers. ...

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OPEC agrees to keep pumping as oil glut fears persist

VIENNA – Oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports. Concluding a meeting with no apparent dissent, Saudi Arabian oil minister Ali al-Naimi said OPEC had rolled over its ...

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Oil prices slip on dollar rally, ample supply

LONDON – Brent crude oil fell below $66 a barrel on Tuesday as the dollar strengthened and on evidence of ample supplies of Middle Eastern oil despite wars in northern Iraq, Syria and Yemen. The dollar rose to almost a one-week high against a basket of currencies, recovering from a four-month low and making oil and other commodities more expensive ...

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Oil prices: “It’s up to Allah”

As the world sits by stacked and idled rigs in anticipation of how long Saudi Arabia will wait to react to the persistent oil price slump, Oil Minister Ali Al-Naimi told CNBC that “no one can set the price of oil – it’s up to Allah.” Following last year’s rapid oil price decline, the global market has been hoping that ...

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