New Saudi energy minister says country wants to enrich uranium

Energy Sector ETFs Rally as New Saudi Minister Maintains Production Cuts

-China trade war and increasing US supplies.

It is widely speculated that dissatisfaction with Khalid al-Falih grew over the continuing low oil prices despite the Kingdom agreeing to a continued oil output cut.

Separately, the U.S. Energy Information Administration said domestic gasoline stocks decreased less than expected last week while crude stocks fell to the lowest in almost a year.

Iran will not negotiate with the United States while sanctions on Tehran are still enforced by Washington, Rouhani told his French counterpart Emmanuel Macron in a phone call on Wednesday, Iranian state media reported.

"There is nothing radical in Saudi Arabia; we all work for the government, one person comes one person goes", Prince Abdulaziz said at the World Energy Congress in Abu Dhabi on Monday, his first public comments since he was appointed.

But the IPO has failed to meet its 2018 deadline due to prevailing low oil prices that has also pushed investors to debate whether Aramco is really worth that much. An early-July meeting amongst OPEC and non-OPEC producers led to the extension of a voluntary production cap until March 2020 in light of market volatility and US-China trade issues.

Until Prince Abdulaziz's appointment late on Saturday night, Saudi Arabia's oil ministry has been since 1960 headed by civilian technocrats.

Hubble just detected water vapor around a distant exoplanet
Prof Giovanna Teneti, the lead scientist on the project, said the discovery made on the planet named K2-18B, was 'mind blowing'. As of now, the researchers have concluded that there is some quantity of water and likely hydrogen in the planet's atmosphere.

U.S. oil output from seven major shale formations is expected to rise by 85,000 barrels per day (bpd) in September, to a record 8.77 million bpd, the U.S. Energy Information Administration forecast in a report.

"The new minister is highly experienced and knows his subject better than just about anyone in the country", said Joseph Kechichian, senior fellow at the King Faisal Center for Research and Islamic Studies in Riyadh.

Russia's Energy Minister Alexander Novak said the alliance of OPEC and other producers, known as OPEC+, would discuss global oil demand, but there were no fresh proposals to change production cut. The new minister Prince Abdulaziz bin Salman, an older half brother of the crown prince, has held leading posts in the oil industry for three decades and was recently minister of state for energy affairs.

Oil futures rose on September 10 to their highest levels in nearly six weeks on optimism that OPEC and other producing countries may agree to extend output cuts to support prices. "He has been instrumental in securing production cuts in the past".

In order for U.S. companies to compete for Saudi Arabia's project, Riyadh would normally need to sign an accord on the peaceful use of nuclear technology with Washington, under the United States Atomic Energy Act.

Al-Falih's biggest achievement of his three-year term was managing OPEC's agreement with Russian Federation, which saw the world's No. 2 exporter agree to formal curbs on production for the first time as the global oil market adjusted to a flood of American shale oil.

For Crown Prince Mohammed bin Salman, the Aramco IPO forms the cornerstone of a reform programme that aims to wean the Saudi economy off its reliance on fossil fuels.

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