Prince: Energy and Saudi Arabia

prince: He has held senior roles in the energy ministry for more than three decades and most recently was minister of state for energy affairs, according to The Japan Times. Despite now getting the top role overseeing Saudi Arabia's energy portfolio, Prince Abdulaziz is not known to be close to Prince Mohammed, the king's most powerful son and heir to the throne. The new energy minister is an older half brother to 34-year-old Crown Prince Mohammed bin Salman and replaces Khalid al-Falih, who'd been in the role since 2016. ; 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. His appointment marks the first time a Saudi prince from the ruling Al Saud family heads the important energy ministry. Al-Falih's position, from where he oversaw some 60 percent of the Saudi economy, had been diminished in recent days. The move comes as Brent crude oil trades under 60 a barrel, well below the 80- 85 range that analysts say is needed to balance the Saudi budget. (news.financializer.com). As reported in the news.