Saudi Arabia will be committed to meeting demand for hydrocarbons from its customers and will maintain its petroleum policies. This is according to the new energy minister Khalid al-Falih in an e-mailed statement.

Falih's comments on Sunday support analysts' views that no shift in Saudi oil policy is likely as a result of his appointment. Since 2014, Saudi Arabia has led OPEC through a new strategy aimed at defending market share rather than reducing production to support oil prices. Falih was appointed on Saturday as King Salman restructured some big ministries to support a wide-ranging economic reform program. The Petroleum Ministry has been renamed the Ministry of Energy, Industry and Mineral Resources.