The most powerful man in the oil industry is out.
The man to the right is known as "The Most Powerful Man in the Oil Industry". His name is Ali al-Naimi and he was the most powerful man in the oil industry, just until recently.
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Background |
The oil industry is a very smart way to get a lot of income in a short amount of time. Ali al-Naimi was the oil minister of Saudi Arabia. He had a vast amount of control over the largest proven crude in al-Naimi. At one point he held three positions at the same exact time. The three positions were all important and all had a huge effect on the industry. The positions were: Minister of petroleum, chairman of Saudi Aramco and chairman of Saudi's Supreme Petroleum Council. Al-Naimi made all of the decisions and called all of the shots. All he wanted was to protect Saudi Arabia's share in the oil industry. Many people soon noticed that his power was becoming less and less powerful. He needed to cut down on soemthing, but he didn't want to cut down on production. A couple years later, he was out of a job. "If prices continue to be low we will be able to withstand it for a long, long time. Obviously we don't hope for that, but we're prepared for it," said al-Falih.
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Reaction |
When I first read this I thought "Wow, this man is so smart for getting into the oil industry!" As I continued to read I was thinking that this guy must be pretty smart to be in the oil industry. You have to know how the market works, and when it will go up and when it will go down. He was looking into the future of the country instead of how it will effect them during that current time. A lot of people in the industry don't understand that. I get why he doesn't have a job anymore, because I mean this guy is 80 years-old. That seems kind of old for having such an intense and time consuming job.
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