The global oil economy caused prices to fluctuate dramatically, from a peak of almost $108 in June 2014 to $26 per barrel in February 2016, the lowest point since 2003. In May 2016, Al-Falih was appointed Minister of Energy, Industry and Mineral Resources, replacing outgoing Ali al-Naimi. The national plan Vision 2030 announced in April 2016 is designed to reduce the Kingdom’s dependence on oil revenue, a new direction which affected the makeup of Saudi ministries. In the royal decree announcing the appointment of Al-Falih, the former Petroleum Ministry was renamed "Ministry of Energy, Industry and Mineral Resources," incorporating also the Ministry of Electricity. Al-Falih also holds the position of chairman of the Board of Directors of Aramco, whose CEO is Amin H. Nasser.