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The King of Saudi Arabia appointed his son, Prince Abdulaziz, on Sunday to succeed Falkh as Saudi energy minister, the first time a member of the royal family has assumed this important post in the country.
Saudi officials and analysts say Prince Abdulaziz, who has long served as a member of the Saudi delegation to the Organization of Petroleum Exporting Countries (OPEC), has decades of experience in the oil industry and is not expected to change Saudi oil and OPEC policy.
He participated in the negotiation of the current agreement between OPEC and oil producers other than OPEC to cut global oil supply to support oil prices and restore market balance.
"The appointment of Prince Abdulaziz will enhance cooperation between OPEC and non-OPEC member countries and improve Saudi oil policy," a Saudi official told Reuters.
Saudi Arabia's oil production reduction is greater than the OPEC + agreement's goal, in order to support oil prices, so that the state-owned oil giant Saudi Amy can have a higher valuation when it lists in 2020-2021.
"He (Prince Abdulaziz) is an extremely competent technical expert," said Helima Croft, managing director of Kahuang Capital Markets.
"I don't think there will be any major changes in OPEC policy or broader initiatives."
Abdulaziz, 59, is the half-brother of Crown Prince Mohammed bin Salman. He was appointed Secretary of State for Energy in 2017 and worked closely with former Energy Minister Annami as deputy for many years.
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