Houston Chronicle by Jordan Blum Sep. 10, 2019
The House of Saud is losing its Aggie connection, but Saudi Arabia’s abrupt change in its energy ministry leadership on Sunday could bring stronger crude prices for the Texas oil sector.
In the wake of the ouster of Khalid Al-Falih, chairman of state-owned Saudi Aramco and a Texas A&M engineering graduate, crude prices jumped Monday, with traders believing that existing production cuts will be extended through 2020 and that additional cutbacks could be made.
Al-Falih, who had led the ministry for three years and guided recent OPEC agreements to reduce oil production volumes, arguably helped prevent another oil bust. But his leadership didn’t trigger the higher oil prices that the Saudi king and crown prince desire.
In stepped Prince Abdulaziz bin Salman — son of King Salman and older half brother of Crown Prince Mohammed bin Salman — as the new Saudi energy minister. Prince Abdulaziz is no stranger to the industry, having served more than 20 years as a deputy or assistant within the ministry. For the last two years he has been state minister for energy affairs.
More:
https://www.houstonchronicle.com/business/article/Saudi-energy-minister-switch-could-help-Texas-oil-14426209.php
