Saudi Aramco will be seperated from the oil ministry as part of a planned “wider restructuring”, state own television has reported.
The decision was approved by the country’s Supreme Economic Council set up by King Salman earlier this year to replace the Supreme Petroleum Council which used to oversee the Kingdom’s oil and gas sector and decide on issues of production and exports.
Deputy Crown Prince and King Salman’s son Mohammed bin Salman, who was appointed to the role this week in a major government reshuffle, will head the ten-member council.
“Saudi Supreme Economic Council agrees on Deputy Crown Prince Mohammed bin Salman’s vision of restructuring oil-giant Aramco,” saudi state TV tweeted on Friday.
“Restructuring of Saudi Aramco includes separation from petroleum ministry,” the channel said.
Analysts are saying the move is not to be seen as an indication for shift in Saudi Arabia’s oil policy and that the OPEC kingpin is to continue its plans to maintain production and retain market share.
