OPEC Kingpin Saudi Arabia Replaces Energy Minister.
Saudi Arabia’s King Salman named his son as energy minister after veteran official Khalid al-Falih was sacked, state media said Sunday, in a major shakeup as the OPEC kingpin reels from low oil prices.
Since his appointment as oil minister in 2016, Falih has been the face of Saudi energy policy but the veteran technocrat had seen his portfolio shrink in recent weeks. Falih’s powers were diminished last month when the world’s top oil exporter announced the creation of a new ministry of industry and mineral resources, separating it from his energy ministry.
“Prince Abdulaziz has been in the oil ministry for decades… He joined the oil ministry in the late 1980s and worked closely with the three previous oil ministers,” said Ali Shihabi, founder of the now-shuttered pro-Saudi think-tank Arabia Foundation. It aims to raise up to $100 billion based on a $2 trillion valuation of the company, but amid low oil prices investors have debated whether Aramco is really worth that much.
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