New Saudi minister is believer in reform and low oil priceArchive
LONDON: It was January 2016 and oil prices had crashed to their lowest in more than a decade. Saudi Arabia's health minister, Khalid al-Falih, a favourite to take over the oil ministry from his mentor Ali al-Naimi, was not panicking.
Falih told an audience of oil executives, bankers and policymakers at the World Economic Forum in Davos that the world's top oil exporter might benefit from oil below $30 per barrel.
It could help to speed up reform and restructure the economy, and move Saudi Arabia to a smaller and more effective government and unleash its private sector, he said.