Saudi Arabia Energy Suppression Price slump affects September 8 13:03
Saudi Arabia's Fariha Energy Minister, the world's largest oil exporter, was suddenly dismissed. The government of Saudi Arabia hasn't revealed the reason, but there is a view that it may be a factual change due to the failure to raise prices amid sluggish oil prices.
Saudi Arabia's state-run news reported that Fariha Energy Minister was dismissed on the 8th and that King Abdul Aziz, son of King Salman, was appointed as successor.
The government of Saudi Arabia has not disclosed the reason for the dismissal, but it seems that it may be a factual change due to the responsibility for not being able to raise the price as crude oil prices remain sluggish in the market.
Mr. Fariha has played a role in the cooperative reduction of production that has been continued in cooperation with the OPEC = Oil Exporting Countries Organization, which is joined by Saudi Arabia, and other non-member oil producing countries, such as Russia, in order to increase prices.
Saudi Arabia's national finance continues to depend on crude oil, and maintaining a high price is essential for achieving a fiscal balance. However, demand for crude oil has been sluggish due to the slowdown in the global economy, and prices have continued to decline in the market. It was.
Following a change in energy, Saudi Arabia is attracting attention only if it changes the policy, such as seeking to reduce production in other countries in a more rigid manner, affecting the global crude oil market.