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Old 05-07-2016, 03:41 PM   #1
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Default Saudi Arabia's Powerful Oil Minister Ali al-Naimi Fired By Royal Decree

This is big and could lead to very volatile oil markets in the near term. The key, of course, is whether this will lead to any change in Saudi philosophy toward the oil price, which is currently one of full pumping and a lower price to crush marginal producers in the United States and elsewhere, It is unlikely that the announcement was made over the weekend by accident, it will provide traders in the oil market a little time to digest the news.

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