DUBAI, United Arab Emirates – 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 below what is needed to keep up with government spending.
He has held senior roles in the energy ministry for more than three decades and most recently was minister of state for energy affairs. 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. Al-Falih was removed just days ago from his post as board chairman of Aramco, a company that he once ran as chief executive. Al-Falih’s Cabinet portfolio was also curtailed last month when mining and industry were spun off from his purview into a new ministry, in an attempt to focus on more effectively attracting foreign direct investment into these sectors.
Many have also shied away after the gruesome killing of Saudi critic and Washington Post columnist Jamal Khashoggi in the kingdom’s consulate in Turkey last year by Saudi agents.
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