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Who's Who: Prince Abdul Aziz bin Salman, Saudi Arabia's new energy minister

Who's Who: Prince Abdul Aziz bin Salman, Saudi Arabia's new energy minister”

And his younger son, Prince Khalid bin Salman, serves as deputy defence minister.

According to the TV channel, Khalid Bin Abdulaziz Al-Falih was dismissed from the position of Minister of Energy, Industry and Mineral Resources by the king's order. Prince Abdul-Aziz, a long-standing member of the Saudi delegation to the Organization of the Petroleum Exporting Countries with decades of experience in the oil sector, is not expected to change the kingdom's oil and OPEC policies, Saudi officials and analysts say.

Prince Abdulaziz bin Salman bin Abdulaziz Al Saud was appointed as the new Minister of Energy.

Following an eight-year stint as an adviser to the late Saudi Oil Minister Hisham Nazer, Prince Abdulaziz became Deputy Oil Minister in 1995, a post he occupied until 2004, when he was named assistant to the minister. He was named deputy oil minister in 1995, a position he held for almost a decade.

"I think he did the most he could, and I think Prince Abdulaziz will probably do something very similar with the same kind of results", said Robin Mills, CEO of Dubai-based energy consulting firm Qamar Energy.

Saudi Arabia has been pumping less than 10 million barrels per day for most of 2019, below its OPEC output target.

Falih also played a role in the kingdom's foreign policy as he helped manage Saudi Arabia's deepening relationship with Russian Federation as the two major oil producers worked together to prop up prices, according to the Financial Times.

Aramco's new board chairman that substituted al-Falih is the finance-minded Yasir al-Rumayyan, who heads the Public Investment Fund, the nation's autonomous wealth finance.

His diminishing role had led to reports that he was out of favour with the crown prince, who is pushing to diversify the Saudi economy away from its dependence on oil revenue for survival. It signaled a possible rift with the crown prince over his management of various issues, including reportedly moving too slowly in advancing Prince Mohammed's plan to sell shares in the state-owned oil company Aramco.

As the world's largest crude exporter, the kingdom has continued to cut output to balance global market demand.

To keep oil prices from sliding even further, al-Falih led Saudi Arabia's curb on production in OPEC and the oil cartel's agreement with other major oil producers, like Russian Federation, to cut production in past years.

INSIDE STORY: Will a Saudi Aramco IPO ever happen? He didn't mention a new deputy energy minister.

Gary Ross, a veteran OPEC watcher and founder of Black Gold Investors, said he first met Prince Abdulaziz in early 1980s.

He was the architect of a pact between the Organization of the Petroleum Exporting Countries (OPEC) and some other oil producers, including Russian Federation, that was created to reduce oil supply to boost prices.



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