Bruce Jefferson
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Bloomberg's Says New Saudi Oil Minister is Not Likely to Shake Things Up

Over the weekend, Saudi Arabia appointed Khalid al-Falih to serve as the country's "Minister of Energy, Industry and Mineral Resources." The ex-Saudi Aramco CEO and current Chairman will replace Ali al-Naimi who oversaw the country's oil interests for more than 20 years.

Bloomberg's Riad Hamade offered his expert take on the new appointment during Monday's "Bloomberg Markets" segment.

According to Hamade, Saudi Arabia's oil policy of favoring market share over a certain price level will remain unchanged as Falih himself has been of the policy making decision a few years ago. As such, any incremental volatility in the oil market is unlikely.

Falih was also instrumental in demanding Iran join any sort of international agreement to freeze oil export levels. By comparison, Falih was "more accepting of not including Iran."

Hamade also noted that it will "take time" for Falih to gain the international respect that his predecessor spent 20 years developing. On the other hand, Falih is "not an unknown," as he was heavily involved in senior leadership positions at Saudi Aramco since 2009.

"With time, as people get to know what he has to say, the markets will get to know how to interpret his comments," Hamade added.