Saudi Arabia’s King Salman ousted his veteran oil minister, Ali al-Naimi, and shuffled ministries as part of economic reforms disclosed last week. Reuters reported that “the most eye-catching move was the creation of a new Energy, Industry and Natural Resources Ministry under Khaled al-Falih, chairman of the state oil company Aramco. He replaces the 80-year-old oil minister, Ali al-Naimi, in charge of energy policy at the world’s biggest oil exporter since 1995.” Separately, religious violence is stirring: On May 6, ISIS fighters were killed in a raid outside Mecca following a spate of shootings and bombings against security forces.
Here are two more risks highlighted by John White, an analyst at Roth Capital Partners:
Iraq: On May 4, two oil wells in Iraq’s northern Kirkuk province sabotaged with fire, and explosives were found at a third well.
Nigeria: On May 5, militants occupied a Chevron (CVX) platform in Nigeria’s oil-rich Niger Delta region, the company said. President Muhammadu Buhari has promised to crack down on saboteurs in the south.