Fires and those who have been fired cause oil uncertainty

Jed Kim May 9, 2016
HTML EMBED:
COPY
Khalid al-Falih speaking during a press conference last year. MOHAMMED AL-SHAIKH/AFP/Getty Images

Fires and those who have been fired cause oil uncertainty

Jed Kim May 9, 2016
Khalid al-Falih speaking during a press conference last year. MOHAMMED AL-SHAIKH/AFP/Getty Images
HTML EMBED:
COPY

Recent headlines around the world have caused a lot of uncertainty in oil markets. Over the weekend, in Saudi Arabia, long-term oil minister Ali al-Naimi was replaced by Khalid al-Falih. The switch-up was part of a wider push by the kingdom to reduce its dependence on oil. 

Meanwhile, in Canada, one of the most damaging natural disasters in the country’s history is severely restricting oil production there. The massive wildfires in Alberta have shut down pumping from the oil sands around Fort McMurray, leading to a loss of more than a million barrels a day in production. That’s a loss of more than 1 percent of the world’s supply. 

Click the audio player above to listen to the full story.

As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.

Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.

Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.