Saudi Aramco is pumping more than 10m barrels a day, or almost one in every nine barrels is consumed globally. (AP Photo/Hasan Jamali)
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Saudi Arabia, the world's largest oil exporter, has restructured its hydrocarbon sector by splitting the state oil company from the oil ministry in a move that consolidates the power of the king's son over the economy. King Salman bin Abdel Aziz al-Saud formed the 10-member Supreme Council for Saudi Aramco, headed by his son, Deputy Crown Prince Mohammed bin Salman, to oversee Saudi Aramco, the state oil company. Saudi Aramco is the world's largest oil producing company, pumping more than 10m barrels a day, or almost one in every nine barrels consumed globally.Mohammad al-Sabban, a senior adviser to the Saudi oil minister from 1996-2013, said the decision to separate Saudi Aramco from the oil ministry was primarily to create a transparent, more efficient commercial operation.
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