Saudi Aramco restructures with creation of supreme board

Following the January death of Saudi Arabia’s King Abdullah, the country has been reorganizing its energy industry, and this process has included the creation of a supreme board to oversee state-run Saudi Aramco, according to Bloomberg.

(Riyadh/Fedor Selivanov/Shutterstock)  

The 10-member board will be led by Deputy Crown Prince Mohammed bin Salman, chairman of Saudi Arabia’s Council of Economic Affairs and Development. Bloomberg noted that the Supreme Petroleum Council, which previously set oil policy and was led by the king, will be dissolved.

Analyst commentary has said that the Saudi Aramco restructuring seems designed to give the company more autonomy and to strengthen its role as a producer and exporter of energy and chemicals.

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