Saudi Arabia’s new Energy Minister, Prince Abdulaziz bin Salman speaks during a panel discussion at the 24th World Energy Congress in Abu Dhabi, United Arab Emirates September 9, 2019.
Satish Kumar | Reuters
Saudi Arabia’s new energy minister is expected to be fully behind the expedited IPO of the kingdom’s oil company, replacing a highly regarded minister whose downfall may be that he was too slow to embrace the Saudi Aramco offering and other reforms.
Oil markets were surprised over the weekend when King Salman replaced Energy Minister Khalid al-Falih with his the monarch’s son Prince Abdulaziz bin Salman, older half brother of Crown Prince Mohammed bin Salman and minister of state for energy affairs since 2017.
“The long tradition of the oil minister as a technocrat non-royal has been broken, and the best theory is that departing minister Khalid Al Falih was too resistant to the pace of change pursued by Crown Prince Mohammed Bin Salman,” wrote Paul Sankey, energy analyst with…