Saudi Arabia Dismisses its Oil Minister Ali al-Naimi
Saudi Arabia dismissed its long-serving oil minister Ali al-Naimi on Saturday, marking the departure of one of the industry’s most powerful figures. Mr. Naimi, who had been the kingdom’s oil minister since 1995, has been against lowering Saudi Arabia’s production when prices fall, a move away from its past tactics. He moved the Organization of the Petroleum Exporting Countries (OPEC) to keep pumping oil at a rapid rate
“About 70% of Saudi Arabia’s revenues came from oil last year, but it has been hit hard by falling prices.
He will be succeeded by Khalid al-Falih, chairman of state oil company Saudi Arabian Oil Co., better known as Saudi Aramco. Saudi Arabia, the world’s largest crude exporter, unveiled major economic reforms in April, aimed at ending the country’s dependence on oil. About 70% of its revenues came from oil last year, but it has been hit hard by falling prices.
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962) – suspended its membership from January 2009-December 2015; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) – suspended its membership from December 1992-October 2007; Angola (2007) and Gabon (1975–1994). OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965.
OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
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