All eyes will now be on Saudi Arabia's new energy minister to see if the country will stay the course on stabilizing global crude markets, oil market expert Helima Croft said Monday.
with one of his sons, Prince Abdulaziz bin Salman.
Croft, the managing director and global head of commodity strategy RBC Capital Markets, told CNBC that the appointment was "incredibly significant" for the oil market. "A lot of people in this market who have covered energy for years know Prince Abdulaziz very well. He is the ultimate technocrat, he has spent more than three decades in the ministry, working on energy issues," Croft said.
Prince Abdulaziz is a long-standing member of the Saudi delegation to OPEC, a group of oil producing nations ostensibly led by Saudi Arabia. He is not expected to change Saudi Arabia's approach to oil policy or OPEC, including the current agreement between OPEC and non-OPEC producers, including Russia, to curb supply in order to support prices and balance oil markets.
"Will they continue to want to work with Russia? What do you do with countries whose compliance has be challenged Nigeria and Iraq. He has a really important challenge today to come out and reassure the market that Saudi Arabia remains committed to this," she said.
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