It is widely speculated that dissatisfaction with Khalid al-Falih grew over the continuing low oil prices despite the Kingdom agreeing to a continued oil output cut.
The energy minister's job has always been viewed as one of the most secure government positions in the kingdom and above internal politics, reflecting Saudi Arabia's position as the world's top oil exporter and swing producer.
Vision 2030, launched in April 2016 by the Crown Prince, seeks to create public-service industries such as health, schooling, facilities, leisure and tourism, and to keep the Saudi economy free from its oil and gas reliance, which presently accounts for about half of its gross domestic product. "China trade negotiations", said Innes.
Saudi Arabia wants to enrich uranium in the future to fuel its planned nuclear power programme, its energy minister said on Monday, a sensitive step that could complicate U.S. companies' involvement in the plan.
Jason Bordoff, a former Obama administration energy adviser, said that while Falih was "very highly regarded" by the oil industry, Prince Abdulaziz also has strong global relationships.
Prince Abdulaziz enters the job with a lifetime of experience in Saudi Arabia's energy sector and is seen as a safe and steady choice to lead the ministry, where he will oversee production of one of the world's largest oil exporters.
Prices on Monday were also supported by a rise in oil imports in China in August, with shipments to the world's biggest importer up 3 percent from July and almost 10 percent higher in the first eight months of 2019 from a year earlier.
Still, that's considerably below the $80-$85 a barrel that analysts say is needed to balance Saudi Arabia's budget.
"The pillars of our oil policy are pre-determined and will not change", he told Saudi broadcaster Al-Arabiya.
Oil extended gains from the highest level in nearly six weeks as Saudi Arabia's new energy minister signaled his commitment to output cuts.
Iraq said ministers would on Thursday discuss whether there was a need for deeper cuts.
Al-Falih's biggest achievement of his three-year term was managing OPEC's agreement with Russian Federation, which saw the world's No. 2 exporter agree to formal curbs on production for the first time as the global oil market adjusted to a flood of American shale oil.
Crude oil extended a five-day winning streak today as signals from OPEC officials suggest that the oil production cut deal agreed last December could be extended further.