Speculation about Ali al-Naimi’s retirement has been a favourite guessing game in the oil market for well over a decade. Many Saudi-watchers have been forced into embarrassing recantations after predicting the oil minister’s demise. As government reshuffles have come and gone, the octogenarian technocrat has remained the one constant presence.
With last year’s change of regime in the world’s largest oil exporter, however, it was only a matter of time before the ministry welcomed a new face.
Mr Naimi’s position had become untenable in recent weeks after he appeared to have been overruled by Mohammed bin Salman, the 30-year-old son of King Salman and the man who holds the main levers of power in the state today.
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