London (CNN Business) Saudi Arabia has a new oil minister.

The world's largest oil exporter replaced energy minister Khalid al-Falih with Prince Abdulaziz bin Salman bin Abdulaziz al-Saud, state media said Sunday.

Al-Falih was appointed oil minister in May 2016. He was the architect of a pact between the Organization of the Petroleum Exporting Countries (OPEC) and some other oil producers, including Russia, that was designed to reduce oil supply to boost prices. The agreement has lasted for nearly three years but has failed to drive prices back to the $80 a barrel level Saudi Arabia wanted.

"I think it is a positive notion to the market that a person like Prince Abdulaziz is taking [the oil ministry] with all of that history of OPEC that he has," said Suhail Al Mazrouei, minister of energy for the United Arab Emirates.

Prince Abdulaziz is Crown Prince Mohammed bin Salman's half brother and has been a member of Saudi Arabia's delegation to OPEC for many years. He becomes the first member of the royal family to serve as oil minister.