Saudi Oil Minister Naimi Optimistic About Kingdom’s Oil Future

Saudi oil minister Ali al-Naimi said on Tuesday he was optimistic about the future of the Kingdom’s oil and gas sector under the new leadership, state news agency SPA reported.

Saudi Arabia’s King Salman named his nephew Mohammed bin Nayef, 55, and his son Mohammed bin Salman, 30, as his heirs last week, apparently setting up the line of succession for decades to come in the world’s top oil exporter.

The moves were part of a much wider government reshuffle in which Naimi retained his job as minister.

“I would like to talk about the future, and I will be honest, I am optimistic about the future of oil and gas and manufacturing in the kingdom under the leadership of King Salman, Crown Prince Mohammed bin Nayef and Deputy Crown Prince and head of the Supreme Economic and Development Council Mohammed bin Salman,” Naimi said according to SPA.

“I see a bright future for education, training, development and manufacturing in the kingdom. And for transforming the kingdom into a leading country in… industries related to oil, gas, petrochemicals and mining.”