In a surprise cabinet reshuffle, Ali al Naimi has been replaced by Khalid al-Falih, current chairman of Saudi Aramco as Saudi Arabia's oil minister. Oil has rebounded after slumping to the lowest level since 2003 earlier this year amid signs the global oversupply will ease as USA output declines. A number of other royal decrees announced Saturday as part of the government's restructuring also saw several ministry names changed and the removal of six ministers, including al-Naimi.
Saudi Arabia proposed that OPEC and key allies such as Russia cut crude oil production by one million barrels per day. Crude oil prices fell on fears that such a smaller-than-expected reduction would not be enough to reduce global oversupply and prop up futures.
The OPEC meeting has not settled on a crude oil production cut figure, Saudi Minister Khalid Al-Falih told reporters. But as OPEC’s de facto leader, Saudi Arabia’s proposal gives a strong indication of what the final decision will be.
On Wednesday, Russia agreed to take part in a six-month reduction after Saudi Arabia said it wouldn’t stand alone with output cuts.
But OPEC and non-members couldn’t agree on the size of the cut.
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