Saudi Arabia's King Salman replaces the country's energy minister with one of his own sons, naming Prince Abdulaziz bin Salman to one of the most important positions in the kingdom, ayaelb reports.
FILE - In this Sept. 25, 1990 file photo, oil pipelines snake through the port area of the Aramco facility at Ras Tannura, Saudi Arabia. Saudi Arabia’s renewed push to publicly list its most valuable entity, Aramco, is part of a high-stakes plan by Crown Prince Mohammed bin Salman to prepare the country for a future less dependent on oil for survival.
His appointment marks the first time a Saudi prince from the ruling Al Saud heads the important energy ministry. Al-Falih’s diminishing role had led to reports that he was out of favor with the crown prince, who isis to sell shares in Aramco, as much as 5%, by 2020 or 2021. Aramco’s new board chairman, who replaced al-Falih, is the finance-minded Yasir al-Rumayyan, who heads the Public Investment Fund, the country’s sovereign wealth fund. Al-Rumayyan is also a close adviser to the crown prince.
To keep oil prices from sliding even further, he led Saudi Arabia’s curb on production in OPEC and the oil cartel’s agreement with other major oil producers, like Russia, to cut production in past years. The major oil producers have agreed to curb production this year by 1.2 million barrels a day, with Saudi Arabia as the kingpin of OPEC shouldering much of the bulk of the cartel’s cuts.
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