King Fahd's oil strategy council takes over Saudi Aramco
The Supreme Petroleum Council headed by King Fahd took over management of state-owned Saudi Aramco, which has a monopoly on oil production in the country with the world's largest oil reserves.
The Supreme Petroleum Council, set up in January to work out strategy, is "taking over the management of Aramco," the Saudi cabinet decided at its weekly meeting chaired by the king, the official news agency SPA reported.
Saudi Aramco was previously controlled by the oil ministry in the Gulf Arab state, which with 261 billion barrels sits on top of 25.5 percent of the world's total oil wealth.—AFP.
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