RIYADH – Saudi Arabia fired long-serving oil minister Ali al-Naimi on Saturday, dismissing one of the industry's most powerful figures as the country battles with weak oil prices.
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Mr. Naimi, who had been the kingdom's oil minister since 1995, has been a loud voice against lowering Saudi Arabia's production when prices fall, a departure from its past tactics.
He will be replaced by Khalid al-Falih, chairman of state oil company Saudi Arabian Oil Co., better known as Saudi Aramco.
The royal decree, announced via state media, is part of a wider government reshuffle that includes a restructuring of the oil ministry, which has been renamed the Ministry of Energy, Industry and Mineral Resources.