Saudi King Abdullah, right, talks with Saudi Crown Prince Salman bin Abdel-Aziz in Taif, June 19, 2012. REUTERS/Saudi Press Agency
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Saudi Arabia's King Abdullah made the most sweeping changes to his Cabinet in almost a decade on the throne, as the kingdom faces fiscal challenges from plunging oil prices and threats from ISIS.Two years after ascending the throne in 2005, King Abdullah re-appointed all serving Cabinet members, including Oil Minister Ali al-Naimi, who has held his post since 1995 . The monarch, born in 1924, has only made minor ministerial changes since then.The Cabinet overhaul comes as Saudi rulers seek to manage the effect of crude prices that have dropped about 40 percent from their June peak.The government slowed the pace of planned spending increases in its 2014 budget even as the Arab world's largest economy tries to diversify the economy away from oil and provide jobs for its citizens.Saudi oil export revenue is forecast to decline 16 percent this year to $270 billion, Jadwa said.
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