London (CNN Business)Saudi Arabia has a new oil minister.
The world’s largest oil exporter replaced energy minister Khalid al-Falih with Prince Abdulaziz bin Salman bin Abdulaziz al-Saud, state media said Sunday.
Al-Falih was appointed oil minister in May 2016. He was the architect of a pact between the Organization of the Petroleum Exporting Countries (OPEC) and some other oil producers, including Russia, that was designed to reduce oil supply to boost prices. The agreement has lasted for nearly three years but has failed to drive prices back to the $80 a barrel level Saudi Arabia wanted.
