Khalid al-Falih, the Saudi minister behind the oil price recovery, faces his toughest job yet
London/Riyadh — Since he became Saudi Arabian energy minister two years ago, Khalid al-Falih has had a good run: he persuaded a fractious Opec cartel to cut oil production, convinced Russia to join the cartel in curbing output, and then saw Brent crude rise nearly 75% to $80 a barrel. But his toughest test comes this week when the Organisation of the Petroleum Exporting Countries holds what’s likely to be its most difficult meeting in years. As economic growth, renewed sanctions on Iran and the collapse of Venezuela’s petroleum industry stretch the global oil market, Falih needs to ensure a smooth exit strategy from the cuts without causing a crash in prices. To make things more complicated for the mechanical engineer turned oil diplomat, Opec is being buffeted by competing geopolitical agendas. While Riyadh and Moscow have agreed to open the taps, Caracas and Tehran want higher prices to compensate for the impact of US sanctions. On Sunday, Iran threatened to veto any Saudi proposa...
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