Saudi Aramco confirms Nasser as new president

A veteran executive with oil giant Saudi Aramco, Amin Nasser, has been confirmed as the company's president, the Dhahran-based firm said Thursday.

Nasser had been interim president and CEO since May when his predecessor, Khalid al-Falih, became health minister.

Falih continues as chairman.

Nasser's appointment came Wednesday at the first meeting of the Saudi Aramco Supreme Council since the company was spun off from the oil ministry in May.

Nasser, who has spent more than 30 years with the firm, is a member of the board of directors and served as senior vice president of upstream operations since 2008.

His confirmation comes as Saudi Arabia -- the world's largest oil exporter -- confronts an unprecedented budget crunch after crude prices dropped by more than half in a year to below $50 a barrel.

After the company was separated from the ministry, oversight was given to the new Supreme Council, chaired by Deputy Crown Prince Mohammed bin Salman, a son of the king.