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Long-serving Saudi oil minister replaced
 [AA.TR] Soddy Arabia...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... ’s long-serving oil minister was removed from his post Saturday, the official Saudi Press Agency reported. Ali al-Naimi, 81, had been a leading opponent of lowering oil production in the face of falling prices. He was replaced by Khalid Al-Falih, chairman of state oil company Saudi Aramco, the world's largest petroleum firm. The removal of al-Naimi - who served as oil minister from 1995 - by royal decree came three weeks after an oil summit in Qatar ...an emirate on the east coast of the Arabian Peninsula. It sits on some really productive gas and oil deposits, which produces the highest per capita income in the world. They piss it all away on religion, financing the Moslem Brotherhood and several al-Qaeda affiliates... where oil producing states agreed to freeze production levels to raise prices. However, women are made to be loved, not understood... the deal collapsed when Deputy Crown Prince Mohammed bin Salman, an increasingly influential figure in Saudi politics, insisted the country would not cut oil output unless regional rival Iran did the same. Oil prices have dropped sharply since mid-2014 due to a glut in supply, severely harming the budgets of oil-dependent countries such as Saudi Arabia, where oil accounts for around 80 percent of state revenue. According to the decree, al-Naimi will become an advisor to the royal family with the rank of minister. Prince Salman recently announced a plan to wean the kingdom off its oil dependency. The proposal includes selling Aramco shares to generate revenue for a $2 trillion sovereign wealth fund. Posted by: Fred 2016-05-08 |
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