"OPEC Set to Hold Fast on Policy Following Saudi Oil Minister’s Exit"

"The dismissal of Ali al-Naimi as Saudi Arabia’s oil minister puts the country’s deputy crown prince firmly in control of energy policy and makes an agreement to freeze oil production less likely when the Organization of the Petroleum Exporting Countries meets next month, OPEC officials said.

Prince Mohammed bin Salman, second in line to the throne, has taken a hard line on Saudi oil policy, doubling down on the kingdom’s strategy of maintaining high crude output in the face of collapsed prices.

OPEC officials said the appointment of a new minister, Khalid al-Falih, makes it unlikely that Saudi Arabia will advocate changing policy with the 13-nation cartel that controls a third of the world’s oil production."

Summer Said and Benoit Faucon report for the Wall Street Journal May 8, 2016.

SEE ALSO:

"Shift In Saudi Oil Thinking Deepens OPEC Split" (Reuters)

"Saudi Arabia Says To Maintain Stable Petroleum Policies" (Reuters)

"Saudi Shake-Up Rolls On With Big Reshuffle Of Economic Posts" (Reuters)

"Saudi Minister Has Task of Easing Dependence on Oil" (New York Times)

"Saudi Aramco Chief Named Oil Minister as Energy Policy Firms" (Bloomberg)