Saudi oil minister Ali al-Naimi was dismissed after more than 20 years since he took office, according to international media. Saudi minister was at the forefront of every decision taken within the Organization of Petroleum Exporting Countries (OPEC), Saudi Arabia being the most powerful member of this cartel of oil producers.

Forbes magazine wrote in 2014 that Ali al-Naimi is the most influential person in the global oil industry and his decision not to freeze the level of Saudi oil production at a lower level still keep prices at unsustainable levels for most producers. This veteran minister’s reshuffle comes amid a collapse of oil prices that brings increased market share for the Saudi kingdom in the medium and long term, but erodes the national budget every month.

The King of Saudi Arabia recently announced a major program of economic reforms aimed at reducing the dependence on oil trade for his kingdom’s economy by 2030, reminds BBC News. Last year, 72% of the revenue collected to the national budget came from the oil business. The harsh context made the Saudi kingdom to conclude the year with a budget deficit of 98 billion dollars and forced a price increase for oil used internally by 80%.

The name of the oil ministry is transformed into the Ministry of Energy, Industry and Mining Resources and the portfolio is currently entrusted to a former health minister. However, this new minister has heeded experience in the oil field, leading for seven years Aramco Oil Company, probably the largest oil company in the world. Aramco is subject of talks related to a partial IPO of the company to several stock exchanges.