What Does Bin Salman’s Rise Mean For Oil?

23 Jun 2017   Saudi Arabia

The architect of Saudi Arabia’s Vision 2030 plan is now next in line to the throne, the Saudi Press Agency announced on Wednesday, paving the way for the 31-year-old nobleman to forward an assertive regional foreign policy and a much-needed economic overhaul. Prince Mohammed bin Salman, King Salman’s young son, replaced Prince Mohammed bin Nayef, the monarch’s 57-year-old nephew, as heir – signaling the rising tide of a new generation of the Saudi ruling class. The shift was approved by 31 of 34 members of the Allegiance Council, made up of the royal family’s most elite members. The new crown prince has handled the KSA’s two biggest conundrums in recent years: the war against Shiite Houthis in Yemen and the overhaul of an oil-dependent economy. “His ability to deliver on both fronts is still highly uncertain, as the country’s authorities are attempting to implement several generations’ worth of reforms […]

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