Meet Saudi Arabia's New Oil Minister

Saudi Arabia announced over the weekend that its oil minister Ali al-Naimi will be replaced with Khalid al-Falih, the current chairman of Saudi Aramco.

Al-Naimi has served as oil minister for more than 20 years and has been widely considered to be the "maestro" of the oil market given Saudi Arabia's dominance in the global oil market.

Al-Falih will assume the title of "Minister of Energy, Industry and Mineral Resources." He brings to the position plenty of relevant experience, having joined Saudi Aramco in 1979 and served as CEO from 2009 to 2015.

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Al-Falih also served as Saudi Arabia's Health Minister.

The new oil minister will likely keep the country's views towards the oil market unchanged. He was quoted as saying during the World Economic Forum in Davos that the country can "withstand" low oil prices "for a long, long time."