Another world economic deserter looming as Saudi Arabia sacks oil Chief

Another economic deserter is likely to hit countries who's economy is greatly dependent on crude oil. Countries like Nigeria.

This is following the current sacking of Saudi Arabian oil chief,
who have occupied the position for more than two decades now. The country has been bitten deeply as a result of dwindling oil Prize. Many companies has laid off tens of thousands of her workers.

Al-Naimi, 80, was named oil minister in 1995, and has long been the public face of Saudi Arabia's energy policies.

He will be replaced by Khalid al-Falih, the chairman of state oil firm Saudi Aramco. The oil ministry has also been renamed the Ministry of Energy, Industry and Mining as part of a larger reorganization announced by official state media.

Al-Naimi had in recent months represented Saudi Arabia in talks with other major oil producers. He insisted that Saudi Arabia would not cut production in the face of falling prices and tried instead to convince other countries to freeze output at current levels.

Saudi construction giant Binladin group has laid off tens of thousands of workers, leading to rare protests, as workers torch seven buses demanding compensation as low oil prices begin to bite in earnest.

The numbers of layoffs range from 50,000 to 77,000, many of who say they were not paid for several months. Binladin group, which last year had all of its contracts frozen after a crane fell over the Grand Mosque in Mecca, killing 107, denied that it owed its workers any compensation. 

The company said the layoffs were a “routine” adjustment to a slowdown in construction activity in the country.