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Saudi Oil Minister Al Naimi Removed From His Post - Iran Ready To Join Freeze

|Includes: The United States Oil ETF, LP (USO)

Wanted to get this out, it's just breaking but it's interesting on many levels. Haj minister was also removed (not sure what that is to be honest).

Al Naimi would have been incredibly embarrassed after Doha, but honestly it seems like Prince Bin Salman is scapegoating. He removed the water minister after people were upset with him. However, Al-Naimi signaled last year that he'd like to retire so this seems like perfect timing. His replacement Khalid al-Falih is the current health minister and chairman of Aramco. He was CEO of Aramco until last year from what I can ascertain.

In other news, Iran is ready to join a freeze after counting 500 thousand barrels a day of condensate to arrive at their pre-sanctions levels.

Personally I am done with OPEC and will heavily discount any impact they may have, but both of these things are interesting wildcards if nothing else.

This article provides some good background:

www.wsj.com/articles/saudi-king-names-kh...

You can also follow me on twitter too as this stuff breaks there first. I'm definitely not the first to break this news but I try to retweet all the news that I think matters.

twitter.com/ottequity