Saudi Arabia has created a new 10-member supreme council for state-run oil company Saudi Aramco , headed by the kingdom's deputy crown prince, according to a statement on Aramco's website.

"The council is chaired by HRH Prince Mohammed bin Salman Al Saud, who is also Deputy Crown Prince, Minister of Defense, Chairman of the Royal Court and Special Adviser to the Custodian of the Two Holy Mosques," the statement said.

The Aramco statement was providing details of the company's annual meeting in Seoul, South Korea last week. The agenda included a briefing by Saudi Oil Minister Ali al-Naimi "on the recent dissolution of the Supreme Council for Petroleum and Mineral Affairs and the creation of the Supreme Council of the Saudi Arabian Oil Company (Saudi Aramco)."

On Friday, Saudi-owned Al Arabiya television channel said Saudi Arabia's Supreme Economic Council had approved a restructuring of Aramco that included separating it from the oil ministry. - Reuters