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Saudi Arabia to Stick With Its Current Oil Sector Policies

Sputnik International

New Energy Minister Khalid Falih said that Saudi Arabia will continue carrying out its current policies in the oil sector. 08.05.2016, Sputnik International

2016-05-08T12:49+0000

2016-05-08T13:01+0000

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Saudi Arabia to Stick With Its Current Oil Sector Policies

12:49 GMT 08.05.2016 (Updated: 13:01 GMT 08.05.2016)

© AP Photo / Hasan Jamali, FileIn this Saturday, Jan. 23, 2016, file photo, an oil pump stands as the Saudi Hawks Aerobatic Team of the Royal Saudi Air Force performs during the Bahrain International Airshow in Sakhir, Bahrain

In this Saturday, Jan. 23, 2016, file photo, an oil pump stands as the Saudi Hawks Aerobatic Team of the Royal Saudi Air Force performs during the Bahrain International Airshow in Sakhir, Bahrain - Sputnik International

New Energy Minister Khalid Falih said that Saudi Arabia will continue carrying out its current policies in the oil sector.

MOSCOW (Sputnik) – Saudi Arabia will continue carrying out its current policies in the oil sector, new Energy Minister Khalid Falih said Sunday.

On Saturday, Falih was named the new minister as part of a government reshuffle.

"The kingdom will stick to its stable policies in the fuel sector," Falih said, as quoted by the Sky News Arabia TV channel.

Workers repair pipes at the Yanlian Oil Refinery in Yan'an, 25 May 2005, north of Xian in western China's Shaanxi province - Sputnik International

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Riyadh is guided by the oil demand from its customers, the minister added.

Falih, chairman of the state-owned Aramco oil company, has been described by media as a close ally of Deputy Crown Prince and Defense Minister Mohammed bin Salman.

He replaced Petroleum and Natural Resources Minister Ali Naimi who has held the position since 1995 and was reportedly opposed to cuts to Saudi Arabia’s oil production amid weak oil prices.