Saudi Arabia's Oil Minister Ali al-Naimi arrives to a meeting between OPEC and non-OPEC oil producers, in Doha, Qatar April 17, 2016. REUTERS/Ibraheem Al Omari - RTX2ACAX

Saudi Arabia's Oil Minister Ali al-Naimi arrives to a meeting between OPEC and non-OPEC oil producers, in Doha, Qatar April 17, 2016. (Reuters)

Saudi Arabia's Powerful Oil Minister Ali al-Naimi is Fired

Oil Dow Jones Newswires

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.

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