When Khalid al-Falih took over as the head of Saudi Aramco, the world’s most influential state oil company, at the beginning of the year the timing looked inauspicious.

The oil bubble appeared to have burst, with prices crashing to well below $50 a barrel from their historic highs, while the demand outlook seemed bleak as the world’s economies nose-dived into recession. Yet 11 months on, Mr Falih cuts a relaxed figure – and with good reason.