BY Taiwo George
Saudi Arabia has sacked Ali al-Naimi, its oil minister as part of a major cabinet reshuffle announced in a series of royal decrees issued by King Salman on Saturday.
Naimi, who started his career in oil at the age of 12, has been in charge of the ministry since 1995 when he was appointed by King Fahd.
Naimi served as the head of Saudi Aramco, the country’s national energy company and one of the richest companies in the world.
He was responsible for Saudi Arabia’s policy of continuing to maintain oil production at the same rate despite low oil prices.
Prices fell to a 12-year low of below $30 in January but have since recovered to around $45.
The oil ministry of the world’s largest exporter of crude oil is now be known as the ministry of energy, industry and mining, and it is headed by Khalid al-Falih, chairman of Saudi Aramco.
Falih obtained a degree in mechanical engineering from Texas A&M University in the US.
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