Saudi Aramco appoints new Executive Director

Oil giant Saudi Aramco restructured the jobs in its management and appointed a new interim director. This reorganisation is part of the cost cutting that the world's largest oil producer is carrying out to cope with the fall in oil prices. The task of the new CEO will be to control the investment and risk capital amounting to $500 million

According to Arabian Business, Nasir al-Naimi will become the head of the upstream division and Mohammed al-Qahtani, who headed that unit, will become the head of business.

In the oil industry, the upstream division refers to the business that focuses on exploration and production, while the downstream division focuses on refining, chemicals and sales. The upstream division is the most profitable for Aramco. 

"We continue to leverage our capabilities to assess our existing portfolio, identify new opportunities and adapt to a rapidly evolving global landscape," said Aramco's CEO, Amin al-Nasser, as reported by Arabian Business.

The oil market has been one of the most affected by the COVID-19 pandemic. Confinement and restrictions on movement have affected oil consumption, which was under $20 in April; it is now over $46 per Brent.