Saudi Oil Minister Al-Naimi Replaced by Aramco Chairman – Bloomberg

Longstanding Saudi Oil Minister Ali Al-Naimi, the architect of the 2014 switch in OPEC policy that’s since roiled crude markets, was replaced by Khalid Al-Falih, chairman of the Saudi Arabian Oil Co., the world’s largest petroleum company.

Al-Falih, who was excused from his post as health minister, will head the Ministry of Energy, Industry and Mineral Wealth, the kingdom’s official Saudi Press Agency reported, citing a royal decree. Al-Naimi was appointed an adviser at the royal court, with the rank of minister, according to the decree.

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