The new Saudi king's decision to keep Ali al-Naimi in his job as oil minister signalled to energy markets that the world's top crude exporter would not flinch from its policy of refusing to cut output as it fiercely guards market share.
Saudi Arabia's new King Salman was quick to keep veteran oil minister Ali al-Naimi on Friday in a message aimed at calming a jittery energy market mindful of Naimi's powerful role within the Opec group of oil-exporting countries.
Saudi Arabia is prepared to increase its oil output and claim a bigger market share to meet the demands of any new customers, Monday's edition of the Saudi-owned Al-Hayat newspaper quoted the kingdom's oil minister as saying.
Saudi Arabia said on Sunday it would not cut output to prop up oil markets even if non-Opec nations did so, in one of the toughest signals yet that the world's top petroleum exporter plans to ride out the market's biggest slump in years.
Saudi Arabia's oil minister defended Opec's decision to keep output steady despite the biggest market slump in years, saying current prices would help global economic growth and petroleum demand, while Ar
Opec leader Saudi Arabia signalled on Wednesday it was unlikely to push for a major change in oil output at the producer group's meeting this week, a day after Russia refused to cooperate in any production cut and threatened to unleash an oi
Saudi Arabia Oil Minister Ali Al Naimi broke months of silence to reaffirm the kingdom's longstanding policy of seeking stable global markets, dismissing talk of a "price war" but offering no insight on his response to tumbling c
Saudi Oil Minister Ali Al Naimi appeared to downplay worries about the impact of sinking crude oil prices on production from the world's top oil exporter.
Oil prices in Europe have declined since June as ge