Saudi Arabia will continue to fight for a share of the oil market

Saudi Arabia intends to continue the current policy in the oil sector, said on Sunday, may 8, the new Minister of energy of the Kingdom Khaled al-Faleh, reports Reuters. “Saudi Arabia will remain with its established policy in the oil sector. We remain committed to maintaining our role in the international energy markets and strengthening our position as the most reliable supplier of energy in the world,” said al-Faleh.

In his statement distributed via email, also stated that Saudi Arabia strive to meet both the existing and additional demand for hydrocarbons “by a growing global customer base, and to contribute to this, according to the Minister, “the current sustainable capacity.”

Starting in 2014, Saudi Arabia has pursued a policy of maintaining its share on the oil market and does not reduce production to maintain oil prices. The statement of al-falih support the assumption of analysts that any changes in oil policy Riyadh in the result the appointment of a new Minister of energy would not, Reuters reports.

On the appointment of the Minister of energy, industry and mineral resources al-falih, which is the largest oil company of the Kingdom of Saudi Aramco, became known yesterday. By the decree of king Salman bin Abdul-Aziz al Saud, the Minister of oil Ali al-Nuaimi was dismissed, and the Ministry itself was renamed.

As noted by Bloomberg, al-falih, like its predecessor, is not a member of the Saudi ruling family, and his appointment corresponds to the accepted practice in the Kingdom, when the oil industry is controlled by the Minister, is not part of the Royal family.

The permutation in the oil Ministry of Saudi Arabia has occurred in the framework of changes in the government of the Kingdom happening in the background approved in late April, the development programme of the country “Vision 2030″. After the adoption of this plan, including a national plan of transformation, the king’s son Muhammad bin Salman said that by 2020 the country will be able to live without oil”.