Saudi Arabia last week made a change in its oil leadership, naming former Saudi Aramco CEO Khalid al-Falih to the post of energy minister, replacing the long-serving Ali al-Naimi. Naimi, who regularly moved markets with his pronouncements on oil supply and demand, had been in charge of Saudi oil policy for 23 years. But the appointment of Falih heralds a new era, in which Saudi Deputy Crown Prince Mohammed bin Salman has taken firmer control over energy policy with visions of diversifying the kingdom's economy and weaning it off of oil wealth.
On this week's Capitol Crude, senior editor Herman Wang takes a look at the new energy minister, what his appointment means for world markets, and how the change in leadership might affect US-Saudi energy relations.
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