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    What Saudi Arabia's Energy Shake-Up Says About Its Oil Plans

    In a break from tradition, the king appointed a prince to run the energy ministry and the head of the Public Investment Fund to chair oil giant Saudi Aramco.
    by Jackie Northam Sep 10, 2019 3 minutes
    The newly appointed Saudi energy minister, Prince Abdulaziz bin Salman (left), meets with his father King Salman, in a handout picture provided by the Saudi Press Agency on Monday.

    From the moment he was named heir to the throne, Saudi Arabia's Crown Prince Mohammed bin Salman has focused on weaning the kingdom off what he calls "its dangerous addiction to oil." The heir to the throne says he wants to diversify the economy and create jobs. The irony is he's having to rely on oil in order to break the oil habit.

    At the moment, oil isn't cooperating. Crude oil prices hover around $60 per barrel, but analysts say the kingdom — in order to balance the nationalbudget and prop up the Crown Prince Mohammed's vision.

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