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Saudi Arabia's veteran oil minister Ali al-Naimi has been replaced with former health minister Khaled al-Falih, by King Salman as part of a broad government overhaul.
Al-Naimi is regarded as the most powerful man in the global oil industry and has been minister for 20 years. He has spent the last 30 years working at state oil giant Aramco, most recently serving as chairman.
The government shake-up, announced in a royal decree, sees a number of ministries merged and others, such as the ministry of electricity and water, scrapped altogether. A public body for entertainment is being created, and another for culture.
His recent battle with fracking US companies has led to a glut in the oil market, pushing down the price of the commodity. However, Al-Naimi said the fight was to secure crude oil sales in the long term.
The strategy of his replacement, al-Falih, will determine the future of crude oil prices.
BBC
Al-Naimi is regarded as the most powerful man in the global oil industry and has been minister for 20 years. He has spent the last 30 years working at state oil giant Aramco, most recently serving as chairman.
The government shake-up, announced in a royal decree, sees a number of ministries merged and others, such as the ministry of electricity and water, scrapped altogether. A public body for entertainment is being created, and another for culture.
His recent battle with fracking US companies has led to a glut in the oil market, pushing down the price of the commodity. However, Al-Naimi said the fight was to secure crude oil sales in the long term.
The strategy of his replacement, al-Falih, will determine the future of crude oil prices.
BBC
