The change at the helm of the Saudi energy ministry raises the chances that the current OPEC+ output deal is extended beyond its current expiry date of March next year, which would probably require the Kingdom to keep its oil output below its quota. The appointment of King Salman’s son to the position further concentrates power around Crown Prince Mohammed bin Salman and adds to signs of a renewed push on the Vision 2030 reform plans. But we still think that these plans will fall short.
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