the kingdom replaces ali al-naimi with khaled al-falih as its new oil minister. he promises to keep pumping in a bid to break the -- and channeling churchill. david cameron speaks of memories of the wartime leader as he presses the case of keeping britain within the eu. a warm welcome to "countdown." i'm anna edwards in london. .anus: i'm manus cranny and by i suppose there is only one thing from rock -- my region to your chart. anna: let's talk about what's happening with the oil price. how this has rallied since february, wti oil rallying more than 70% from the almost 13-year low reached in february, rallying now, really based around the canadian fires, the fires raging and although to -- alberta. there are other factors at play. we have seen a big shakeup at the top of the saudi oil administration. is something that anyone involved in the oil industry needs to be aware of as well. manus: it does indeed. that whole conviction trade about what happens with ali willimi, how much hardball they actually play at the next opec meeting? this is what we will touch on t

khaled al-falih is a close ally of the deputy crown prince. joining us live is tracy alloway. tracy, any reaction in the local markets to this? well, we have quite an interesting reaction in saudi arabia and stocks. they closed up .2%, but that was after initially rising 1.2% on the back of a slew of degrees from the saudi arabia and king. he declared the replacement for the oil minister, ali al-naimi. a lot of investors say this means the kingdom is serious about reducing its reliance on oil, hence the initial enthusiasm in saudi arabia and stocks. however, it is still the vocal to disaggregate saudi arabia from the rebound in oil prices. oil has been up, thanks to the canadian wildfires. the new oil minister also says he intends to maintain the existing oil probabl policy, basically protecting market shares. it will be interesting to see if those comments offset the defacto production cuts in canada. caroline: tracy,, let's dig in to the higher oil prices. some are starting to take advantage of the rebound. tracy: that is exactly right. we know that abu dhabi issued a bond l

the newly appointed khaled a close ally of the deputy crown prince. tonn kerry -- he has vowed maintain policy. how meaningful is the change? he's maintaining oil policy as it is. it's a shift in personnel but not an policy. you have to see how that the saudi's react to global market conditions as we move forward from today. mark: how does this fit into the greater overhaul of saudi arabia? >> it does significantly. to us twice spoken and has indicated he would like to wean the country from oil and is taking steps to do that. he has discussed oil policy, he has a new cabinet in place and this is all moving forward and his idea of where it will be envision 20 30. what we need see now is how they address the economic issues confronting the country. >> it's not going to be a straightforward transition, is it? >> no. the transition and personnel is the easy part. it's the addressing of the slower economic growth to get saudis working. it's one thing to have people in new positions and energized ministries but they still have to address the fundamental cha

like everyone else, i started watching dj khaled.e bass were companies present their final product, there has been some criticism the best deals are already taken at this point. could you see this potentially replacing demo day, or the way that demo day currently works evolving? justin: snapchat is not going to replace demo day. we are going to evolve. oftentimes, the companies that do the best on demo day are not always the companies that do the best in the long run. we see that time and time again. companies like zen offense when at the most popular on demo day, but they ended up doing very well, but we are looking at evolving a process and trying to figure out how to make it more engaging for both the investors and the company. evolve themight you process? justin: i think doing something where there are more sitdown meetings was an idea we floated so investors were able to connect with the company's more directly and providing a way for them to do that. only: what is your take valuations right now? justin: they are going down. emi

the kingdom replaces ali al-naimi with khaled al-falih as its new oil minister. keep pumping in a bid to break the -- and channeling churchill. david cameron speaks of memories of the wartime leader as he presses the case of keeping britain within the eu. a w

but the bigger question going forward is how khaled al faleh will ease the way for aramco.hat's part of the debate in saudi arabia about where this company is going to list its 5% stake of aramco. it will be the biggest ipo perhaps in history. an article in "the telegraph" newspaper suggested it would be a tri listing in new york, hong kong as well as london, but the ceo of the saudi exchange telling me last week it would be listing in riyadh. another big question is whether or not big oil majors like exxon and bp and sinopec will be able to take strategic stakes in the company. so a lot of questions surrounding this big reshuffle. and the question, of course, here for many people is is this going to impact saudi policy? what i'm being told is that's not going to happen, at least in the near term, but it speaks to the broader reshuffling and realignment of power behind the royal court. and of course, that's something that mohammed bin salman, the crown prince, and king salman, have been very keen to do. guys? >> hadley gamble in riyadh with major news over the weekend. hadl

al-falihppointed khaled al-naimi who has been there for two decades, possibly one of the most powerfulthe oil industry. anything he would say in the past could move prices, skyrocketing or plummeting. basically this appointment is going to be sustaining the policies the saudis already had, keeping will production at higher levels driving out higher cost producers. seen prices come down to a 12-year low earlier this year, which has pushed out some production. it seems that this move will solidify that stance that aramco has. angie: if the man changes, does anything else change? said, it kind of takes a lot of questions out. there was little bit of doubt going into the meeting in delhi earlier this year about whether or not saudi arabia would agree to an output freeze. there seems to be some hint that might happen. prince mohammed has made it clear they would need iran, and that became one of the sticking points at the end. the deal fell apart. falih, it seems they will be heartening that line and basically being able to sustain production. angie: how does this affect prices short and lo