Article snippet: As the new heir apparent to the throne of Saudi Arabia, Prince Mohammed bin Salman will play an even more influential role in world oil markets at a time when big crude-producing nations are struggling to prop up prices. Prince Mohammed, who was named crown prince on Wednesday, has upended the traditional Saudi energy model in the nearly two and a half years since his father ascended the throne. Whereas the royal family had previously been content to leave the running of the oil industry to seasoned technocrats, the prince has sought to exert influence over the country’s huge energy resources. With the kingdom’s economy suffering from weakened oil markets, Saudi Arabia, with the prince’s backing, has been a leading force behind the effort by the Organization of the Petroleum Exporting Countries to bolster prices by limiting production. It is a complicated task with prices continuing to fall, as American shale oil producers and Libya add to the glut of supplies. Domestically, Prince Mohammed has sought to consolidate control over the energy sector. He has brought in Wall Street bankers to organize an initial public offering of the national oil company, Saudi Aramco, which is likely to value the enterprise at hundreds of billions of dollars. And he has replaced the country’s longtime oil minister, replacing him with a more pliant hand who has become crucial to fulfilling the prince’s plans. Supporters say the 31-year-old prince will bring youthful energy and a fres... Link to the full article to read more