Prince Abdulaziz the first royal appointed as Saudi Arabia’s energy chief after minister’s sacking
- Saudi Arabia’s King Salman names son as energy minister, replacing Khalid al-Falih
- Move comes after Khalid al-Falih’s power was diminished
Saudi Arabia’s King Salman replaced the country’s energy minister with one of his own sons Sunday, naming Prince Abdulaziz bin Salman to one of the most important positions in the country as oil prices remain stubbornly below what is needed to keep up with government spending.
The new energy minister is an older half-brother to 34-year-old Crown Prince Mohammed bin Salman and an experienced oil industry figure in Saudi Arabia. He has been minister of state for energy affairs since 2017, but the brothers are not known to be close.
His appointment marks the first time a Saudi prince from the ruling Al Saud heads the important energy ministry.
The move comes as Brent crude oil trades under US$60 a barrel, well below the US$80-US$85 range that analysts say is needed to balance the Saudi budget.
Prince Abdulaziz replaces Khalid al-Falih, who had been removed just days ago as board chairman of the state-owned oil giant Aramco, a company that he once ran as CEO.
Al-Falih had also seen his cabinet portfolio diminished recently when mining and industry were removed from his purview and spun off into a new ministry.