Saudi Arabia dismisses oil minister

Saudi Arabia on Saturday dismissed long-serving oil minister Ali al-Naimi.

The kingdom's oil minister since 1995, Naimi has been opposed to lowering the country's production when prices fall. He led the Organization of the Petroleum Exporting Countries to pump oil at a rapid page despit a global supply glut, a decision that's weighed on crude-oil markets and depressed prices, according to The Wall Street Journal.

His job will pass to Khalid al-Falih, chairman of state oil company Saudi Arabian Oil Co., better known as Saudi Aramco.

Read more from The Wall Street Journal.