New Saudi oil boss seen chasing record output to fight shale
Dubai
SAUDI Arabia will probably keep producing crude at near-record levels under its newly appointed oil minister, Khalid Al-Falih, as the world's largest exporter sticks with his predecessor's policy of defending market share against higher-cost shale.
Mr Al-Falih, also chairman of the state producer Saudi Arabian Oil Co, said on his first day in office on Sunday that he will maintain the kingdom's oil policy. His predecessor, Ali al-Naimi, had been leading a policy prioritising sales over prices since 2014, driving some higher-cost producers, including US shale drillers, off the market. In so doing, Saudi Arabia boosted output, adding to a supply glut.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil settles down on US jobs data, steepest weekly loss in three months
Glencore Group nears deal for Shell’s Singapore oil refinery
Opec+ may need to tackle oil capacity conundrum next month
Gold flat ahead of US payrolls data, set for second weekly drop
Oil settles near 7-week lows, focus shifts to economy
Exxon-Pioneer deal gets green light from US FTC, Pioneer exec barred from board