Saudi Arabia oil minister sacked in major cabinet reshuffle

[rooster59]

Saudi Arabia oil minister sacked in major cabinet reshuffle



Saudi Arabia’s King Salman has sacked his long-standing oil minister in a major cabinet shake-up.

The reshuffle comes just one week after announcing major economic reforms in the country hard hit by the oil price slump.

State media reported that Ali al-Naimi, who has been in charge of the kingdom’s oil policy since 1995 was out of a job. A new Energy, Industry and Natural Resources Ministry would be created and would be headed up by former health minister Khaled al-Falih.

The oil industry has been struggling, with prices hitting 26 euros per barrel in January. This led Saudi Arabia to rethink its economic policy to make it less dependent on crude oil revenue.

The royal decrees also replaced ministers in charge of commerce, the central banks, transport, and social affairs, as well as creating a new Commission for Recreation and Culture.

-- (c) Copyright Euronews 2016-05-08

[Naam]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

[ezzra]

Naam, on 08 May 2016 - 05:54, said:

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

It was said that there's nothing new under the sun and that life' events are repeating themselves

at different time and place....

[Brer Fox]

The Saudis are in deep pooh. They virtually import all their labour and everything else they need in their lives and haven't any idea how to do anything themselves except spend the money they get from oil. When the day comes that they can no longer afford to import labour then they are going to have to learn to do things for themselves like undo a nut with a spanner or tighten a screw or wash their gold plated car. I suspect there is little they can do about the price of crude except suck it up and live within their means. Is there anything other resource they have to make them less dependent on oil?

[HLover]

The Saudis are in deep pooh. They virtually import all their labour and everything else they need in their lives and haven't any idea how to do anything themselves except spend the money they get from oil. When the day comes that they can no longer afford to import labour then they are going to have to learn to do things for themselves like undo a nut with a spanner or tighten a screw or wash their gold plated car. I suspect there is little they can do about the price of crude except suck it up and live within their means. Is there anything other resource they have to make them less dependent on oil?

Definitely not their plane flying skills.

[Steely Dan]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

A war with Iran would perk the price up no end, though obviously outside his remit.

[Naam]

The Saudis are in deep pooh. They virtually import all their labour and everything else they need in their lives and haven't any idea how to do anything themselves except spend the money they get from oil. When the day comes that they can no longer afford to import labour then they are going to have to learn to do things for themselves like undo a nut with a spanner or tighten a screw or wash their gold plated car. I suspect there is little they can do about the price of crude except suck it up and live within their means. Is there anything other resource they have to make them less dependent on oil?

presently not much besides crude and petrochemical products.

[ilostmypassword]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

A war with Iran would perk the price up no end, though obviously outside his remit.

Yes, the awesome Saudi armed forces have Iran trembling, I'm sure.

[RuamRudy]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

A war with Iran would perk the price up no end, though obviously outside his remit.

Yes, the awesome Saudi armed forces have Iran trembling, I'm sure.

Well, you can count on the UK to support our business interests partners at times like these, and try to even up the odds. Nothing like a long, protracted war to shore up all sorts of share prices.

https://www.ainonline.com/aviation-news/defense/2016-05-06/british-arms-sales-saudi-arabia-questioned

[Koosdedooes]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

The fact is, its the Saudis who have forced the oil price down by not cutting production, so in effect its their own doing and now gamble they took has back fired...time to pay the piper

[Steely Dan]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

A war with Iran would perk the price up no end, though obviously outside his remit.

Yes, the awesome Saudi armed forces have Iran trembling, I'm sure.

Just because others have been stupid enough to fight their wars for them doesn't mean they can't fight. Trying to keep this on topic I believe the Saudis are investing billions of dollars in an attempt to transition away from oil.

[Naam]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

A war with Iran would perk the price up no end, though obviously outside his remit.

Yes, the awesome Saudi armed forces have Iran trembling, I'm sure.

Just because others have been stupid enough to fight their wars for them doesn't mean they can't fight. Trying to keep this on topic I believe the Saudis are investing billions of dollars in an attempt to transition away from oil.

that's their plan since many years but without any result because the planning was not followed by actions. with a very young chap now in charge the situation might be different. but even 30 year old Mohamed bin-Salman will push retiring age before the problems are solved.

[sanukjim]

The Saudis are in deep pooh. They virtually import all their labour and everything else they need in their lives and haven't any idea how to do anything themselves except spend the money they get from oil. When the day comes that they can no longer afford to import labour then they are going to have to learn to do things for themselves like undo a nut with a spanner or tighten a screw or wash their gold plated car. I suspect there is little they can do about the price of crude except suck it up and live within their means. Is there anything other resource they have to make them less dependent on oil?

How about "selling sand". 5555

[gandalf12]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

I remember it well. Oil hit $8 / barrel and there was still a lot of jobs around. Makes you wonder why at over $40 the companies are saying it is too low.

[sanukjim]

I guess that he will go live in London now that he will be in favor there.

[gandalf12]

The Saudis are in deep pooh. They virtually import all their labour and everything else they need in their lives and haven't any idea how to do anything themselves except spend the money they get from oil. When the day comes that they can no longer afford to import labour then they are going to have to learn to do things for themselves like undo a nut with a spanner or tighten a screw or wash their gold plated car. I suspect there is little they can do about the price of crude except suck it up and live within their means. Is there anything other resource they have to make them less dependent on oil?

They even have to import sand to make concrete. The sand they have is no good for it

[Koosdedooes]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

I remember it well. Oil hit $8 / barrel and there was still a lot of jobs around. Makes you wonder why at over $40 the companies are saying it is too low.

When was that then ?....the last time oil was sub 8 a barrel was period 1946 to around 1974

[gandalf12]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

I remember it well. Oil hit $8 / barrel and there was still a lot of jobs around. Makes you wonder why at over $40 the companies are saying it is too low.

When was that then ?....the last time oil was sub 8 a barrel was period 1946 to around 1974

1986 it hit $8 for a short period

[craigt3365]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

I remember it well. Oil hit $8 / barrel and there was still a lot of jobs around. Makes you wonder why at over $40 the companies are saying it is too low.

Because they are now spending more than they are bringing in. The good times are gone.

[Morch]

http://www.thaivisa.com/forum/topic/912795-saudi-arabia-outlines-reform-plan-for-oil-addicted-economy/?p=10678218

[Koosdedooes]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

I remember it well. Oil hit $8 / barrel and there was still a lot of jobs around. Makes you wonder why at over $40 the companies are saying it is too low.

When was that then ?....the last time oil was sub 8 a barrel was period 1946 to around 1974

1986 it hit $8 for a short period

And thats why i am confused it bottomed at $ 9.75/barrel in 1986

[Koosdedooes]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

I remember it well. Oil hit $8 / barrel and there was still a lot of jobs around. Makes you wonder why at over $40 the companies are saying it is too low.

Because they are now spending more than they are bringing in. The good times are gone.

You obviously dont understand the oil game that is being played then..the Saudis/OPEC took a gamble trying to put non opec producers out of business to maintain their monopoly, and it has back fired, once Saudi and OPEC choke back production, the good times will be back and the barrel price will rocket Edited May 8, 2016 by Koosdedooes

[ilostmypassword]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

A war with Iran would perk the price up no end, though obviously outside his remit.

Yes, the awesome Saudi armed forces have Iran trembling, I'm sure.

Just because others have been stupid enough to fight their wars for them doesn't mean they can't fight. Trying to keep this on topic I believe the Saudis are investing billions of dollars in an attempt to transition away from oil.

They did announce a 2 trillion dollar program to transition away from dependence on oil. In 4 years, I believe. It was almost universally greeted with derision. It also proposed to turn Saudi Arabia into an economically developed nation. But, the education system is so poor that most Saudis graduate with very little useful knowledge Unless you count an intimate and prolonged pedagogic acquaintance with the Saudis deranged version of Islam useful. And most of those who do get away to study abroad and learn what its like to live in a reasonably free society, don't return.

Edited May 8, 2016 by ilostmypassword

[craigt3365]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

I remember it well. Oil hit $8 / barrel and there was still a lot of jobs around. Makes you wonder why at over $40 the companies are saying it is too low.

Because they are now spending more than they are bringing in. The good times are gone.

You obviously dont understand the oil game that is being played then..the Saudis/OPEC took a gamble trying to put non opec producers out of business to maintain their monopoly, and it has back fired, once Saudi and OPEC choke back production, the good times will be back and the barrel price will rocket

I do understand the game. But my post was only talking about their budget. Revenues down, but not expenditures. Understand?

IMHO, the main people they are going after are is the fracking industry in the US and Iran...maybe Russia, whom they don't really like. But that's just my humble opinion! LOL

[wabothai]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

A war with Iran would perk the price up no end, though obviously outside his remit.

Yes, the awesome Saudi armed forces have Iran trembling, I'm sure.

Just because others have been stupid enough to fight their wars for them doesn't mean they can't fight. Trying to keep this on topic I believe the Saudis are investing billions of dollars in an attempt to transition away from oil.

Since Erdogan screwed up 'royally' they may want to go into the fugitive and relocaters business. Plenty of space.

After all they built their new capital city RYAD in the middle of the desert. Build another one.

[daveAustin]

Is there anything other resource they have to make them less dependent on oil?

Come up with a way to turn silicon into gold.

[Naam]

Since Erdogan screwed up 'royally' they may want to go into the fugitive and relocaters business. Plenty of space.

After all they built their new capital city RYAD in the middle of the desert. Build another one.

Erdogan / Riyadh / new capital?

can anybody top this eggsburt comment?

[daveAustin]

They don't help themselves by pumping out oil at a furious rate, keeping the price low. Is the idea behind that to dissuade the frackers from having a go?

Edited May 8, 2016 by daveAustin

[Naam]

I guess that he will go live in London now that he will be in favor there.

why not? al-Naimi's predecessor Yamani lives in London since 30 years.

[Naam]

a déjà vu of 1986 when Ahmed Zaki Yamani, who served 24 years as "oil minister", was sacked letting crude fall below $10/barrel.

I remember it well. Oil hit $8 / barrel and there was still a lot of jobs around. Makes you wonder why at over $40 the companies are saying it is too low.

When was that then ?....the last time oil was sub 8 a barrel was period 1946 to around 1974

1986 it hit $8 for a short period

september or october.