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Saudi Fires Oil Minister...Again; Oil Rallies as Abdulaziz Takes Helm

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   |    Monday,September 09,2019

Saudi Arabia has fired its oil minister yet again, making this the second such dismissal in the last three years, according to multiple reports.

Khalid al-Falih, who took over the position in May 2016, was fired from the post on or around September 10, 2019. Additionally, al-Falih was removed as chairman of Saudi Aramco last week.

Taking over as oil minister is Saudi Prince Abdulaziz bin Salman, who is the half-brother of Crown Prince Mohammed bin Salman. He was formerly the Minister of State for Energy Affairs before being named to this post.

He is the first royal to serve as oil minister. Before his appointment, Abdulaziz helped negotiate the supply cut agreement currently in place between OPEC and non-OPEC countries.

Oil prices rallied on Monday as a result of the news.

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