energy minister: He has been minister of state for energy affairs since 2017, according to The Guardian. The two brothers are not known to be close. The new energy minister is an older half-brother to the crown prince, Mohammed bin Salman, and an experienced oil industry figure in Saudi Arabia. It is the first time a member of the ruling Al Saud family has held the energy minister post in the world's top oil exporter. Prince Abdulaziz replaces Khalid al-Falih, who was removed just days ago as board chairman of the state-owned oil giant Aramco, a company that he once ran as CEO. Al-Falih, who was named energy minister in 2016, also had seen his cabinet portfolio diminished in a royal decree last week creating a new ministry of mining and industry, removing that sector from the purview of the energy ministry. The move, announced on Sunday, comes as Brent crude oil trades below 60 a barrel, well below the 80 to 85 a barrel that analysts say is needed to balance the Saudi budget.
(news.financializer.com). As
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