UPDATE 1-Saudi Arabia names Prince Abdulaziz as new energy minister

Saudi Arabia has named Prince Abdulaziz bin Salman, a son of the king, as energy minister, replacing Khalid al-Falih, state news agency SPA reported on Sunday, citing a royal decree.

Prince Abdulaziz is a longstanding member of the No. 1 crude exporter's delegation to the Organisation of Petroleum Exporting Countries (OPEC) and has significant experience in the sector. The appointment represents the first time a member of the ruling Al Saud family has held the energy minister post. Saudi Arabia has created a ministry for industry and mineral resources, separating it from the kingdom's colossal energy ministry.

Before the separation decision, Falih had overseen more than half the Saudi economy through the super-ministry, which was created in 2016 to help streamline new reforms. Last week, Falih was also removed from his post as chairman of state oil giant Aramco, and Yasser al-Rumayyan, who heads the sovereign wealth fund PIF, was named as the new chairman.