Saudi Arabia’s new energy minister said yesterday the world’s largest crude exporter was committed to meeting demand for hydrocarbons from its customers and would maintain its petroleum policies. 
“Saudi Arabia will maintain its stable petroleum policies. We remain committed to maintaining our role in international energy markets and strengthening our position as the world’s most reliable supplier of energy,” Khalid al-Falih said in an e-mailed statement. “We are committed to meeting existing and additional hydrocarbons demand from our expanding global customer base, backed by our current maximum sustainable capacity.” 
Since 2014, Saudi Arabia has led Opec through a new survival-of-the-fittest strategy aimed at defending market share rather than reducing production to support oil prices. 
Al-Falih’s comments yesterday support analysts’ views that no shift in Saudi oil policy is likely as a result of his appointment. 
His appointment was part of a bigger Saudi shake-up announced on Saturday as King Salman restructured some big ministries in a major reshuffle intended to support a wide-ranging economic reform programme. 
As part of the restructuring, the Petroleum Ministry has been renamed the Ministry of Energy, Industry and Mineral Resources. 
“The creation of a new Ministry in Saudi Arabia that brings together the Kingdom’s abundant and unrivalled energy and mineral resources and industrial capabilities is in line with the ambitious objectives of Saudi Vision 2030,” al-Falih said.


New central bank governor says 
main priority is monetary stability



New Saudi Arabian Monetary Authority governor Ahmed al-Kholifey said his main priority is to maintain monetary stability and support the government’s Vision 2030 economic reforms, Al Sharq Al Awsat newspaper reported yesterday. 
Al-Kholifey was appointed on Saturday in succession to Fahd al-Mubarak. 
Without citing al-Kholifey by name, the daily added: “The central bank reaffirmed that it will keep the currency peg to the dollar, supported by its monetary tools, one of which is its foreign reserves.”

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