Saudi Aramco chief Khalid Al-Falih has been appointed the new president of Saudi Arabian Oil Corporation, the largest crude exporter in the world.
Saudi Arabia’s King Salman tapped Al-Falih to replace the company’s current president and Saudi Arabian oil minister Ali Al-Naimi, Bloomberg said.
Al-Falih was also named the country’s health minister on Wednesday.
He has worked at Saudi Aramco for 30 years and was appointed president and CEO in 2009.
Saudi Aramco has not announced who will replace Al-Falih as chief.
Al-Falih, 56, has been a vocal supporter of Saudi Arabia’s reluctance to trim its output despite months of low oil prices.
“Saudi Arabia will not single handedly balance the market on a downturn,” Al-Falih said in January.
In October officials from Venezuela, a fellow OPEC member, called Saudi Arabia’s reluctance to trim output a “price war.”
King Salman has pledged to uphold OPEC’s current 30 million barrels per day output target.
Last month the country pumped a record breaking 10 million barrels per day, up from 9.72 million bpd in February.
Saudi Arabia is expecting weak Brent prices to last the rest of the year and has shaped its 2015 budget around projections of about $60 per barrel.