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Crisis Veteran Naimi Stays to Hold Line on Saudi Oil Policy

The new Saudi king's decision to keep Ali al-Naimi in his job as oil minister signaled to energy markets that the world's top crude exporter would not flinch from its policy of refusing to cut output as it fiercely guards market share. Naimi convinced fellow OPEC members to pursue such a strategy, regardless of how far oil prices might fall. He was determined not to cede ground to producers outside the group such as Russia and U.S. shale drillers. When reshuffling his cabinet...

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