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[size=36]Prince Abdul Aziz bin Salman appointed Minister of Energy[/size]
Economy | 08:17 - 08/09/2019
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A royal order has been issued appointing Prince Abdul Aziz bin Salman, son of King Salman, as energy minister to replace Khaled al-Falih, the official SPA news agency reported late on Saturday.
The appointment marks the first time a member of the Saudi royal family has served as energy minister in the world's top oil exporter.Prince Abdul Aziz has long been a member of the Saudi delegation to the Organization of Petroleum Exporting Countries (OPEC) and has experience in the oil sector for decades.
Analysts say Prince Abdul Aziz is not expected to change Saudi oil policy as a savvy OPEC policy since he helped negotiate the current agreement between OPEC and non-OPEC countries to reduce the global supply of oil to support prices and balance the market.
Prince Abdul Aziz was appointed minister of state for energy affairs in 2017 and worked closely with former oil minister Ali al-Naimi as his deputy for years.
Some industry insiders say the emir's long experience overcame what has always been seen as the impossibility of appointing a member of the Saudi royal family as energy minister.
Saudi sources and diplomats say the perception was that the Saudi ruling family considered the post of oil minister so important that attributing it to one of the princes could disrupt the delicate balance of power in the ruling family and risk making oil policy hostage to political maneuvers.
The oil portfolio has held five ministers since 1960, none of whom were members of the ruling family.
Last month, Saudi Arabia set up a ministry of industry and mineral resources, separating it from the huge energy ministry.
Prior to the dismissal, Falih oversaw more than half of the Saudi economy through its massive ministry, set up in 2016 to help coordinate new reforms.
Al-Falih was also relieved last week of his position as chairman of Saudi Aramco and Yasser Al-Rumayyan, head of the Kingdom's Public Investment Fund, the kingdom's sovereign wealth fund, was appointed as the new president.
Saudi Arabia has produced less than 10 million bpd for most of 2019, below its OPEC target. Al-Falih helped broker a deal with non-OPEC oil producers led by Russia to emerge as the main face of OPEC and the Kingdom's oil diplomacy over the past three years.
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