Saudi Arabia creates new natural resources ministry

By September 2, 2019News

Saudi Arabia’s King Salman issued a royal decree on Friday to create a new ministry for natural resources by splitting the Ministry of Energy, Industry and Mineral Resources into two. Energy policy is a top priority for the world’s biggest crude exporter and dividing the ministry into energy and natural resources will allow greater focus on each division.

The new split won’t affect Saudi oil policy but will allow the energy ministry to work on balancing crude markets, whilst the new ministry will focus on industry and mining.

This change comes as the government aims to diversify their economy, particularly the energy sector away from oil and work towards the Vision 2030 objectives.