The hard truth is OPEC has a lot more power in the oil industry than the U.S. president, no matter who the president is.
Elevation of Khalid al-Falih seen as message that Saudi Arabia is moving forward with plans to be less reliant on oil profits.
Crude oil futures tumbled 6 percent on Monday, reaching their lowest in nearly seven years.
Arab oil ministers meeting in Vienna on June 5 must confront the devastating consequences of the war in their midst.
Arab-Gulf oil ministers want media to present policy in a positive way after oil price coverage.
Oil prices remain roughly 50% below their peak from the middle of last year.
The new king will continue reforms, even if not at the pace the West would like.
Despite falling to their lowest levels in almost six years, OPEC producers refuse to curb production.
A supply-side stand-off between OPEC and the U.S. is driving prices down
Stock markets across the Middle East fell sharply on Sunday adding to a plunge in Gulf equity markets
If OPEC hopes to choke off cheap US shale oil, they have miscalculated.