Saudi Arabia's Oil Minister Khalid al-Falih has seen his powers over the country's economy diminished, losing both chairmanship of state oil giant Saudi Aramco as well as his industry and mining portfolio in a Cabinet reshuffle that has rewarded allies of de facto leader Crown Prince Mohammed bin Salman.
Yasir al-Rumayyan, head of Saudi Arabia’s sovereign wealth Public Investment Fund (PIF), replaced Falih as Aramco's chairman ahead of a crucial initial public offering by the world’s largest oil company.
