Saudi Arabia has a new oil minister. The world’s largest oil exporter chose Prince Abdulaziz bin Salman as the new minister to replace Khalid al-Falih who’d been in the role since 2016.

Al-Falih was one of the key players in the Organization of the Petroleum Exporting Countries (OPEC) negotiations with other oil-rich countries, including Russia, in reducing world oil production to balance prices.

Last week, Al – Falih was also just removed from the position of Saudi commissioner Aramco, Saudi Arabian Oil Company. The takedown is thought to be related to the slow-going public process of Saudi Aramco.

According to CNN sources, Al-Falih has not been very enthusiastic about Aramco’s IPO plan. Eventually, Al-Falih was replaced by Yasir Al Rumayyan as Aramco’s commissioner.

The deal of the oil giants has been running for three years, unfortunately it still fails to push oil prices back to US $ 80 per barrel as targeted by Saudi Arabia.

Mohammad bin Salman bin Abdulaziz Al Saud, known as MbS, is the Crown Prince of Saudi Arabia has been an OPEC delegate for many years. This is the first time a member of the royal family has held the post.

Prince Abdulaziz enters the job with a lifetime of experience in Saudi Arabia’s energy sector and is seen as a safe and steady choice to lead the ministry, where he will oversee production of one of the world’s largest oil exporters. He has held senior roles in the energy ministry for more than three decades and most recently was minister of state for energy affairs.

Source: Al – Jazeera , CNN