The world’s biggest exporter of crude oil is set to be restructured. Saudi state oil giant Aramco will be separated from the kingdom’s oil ministry. The move, reported on Saudi-owned Al Arabiya television channel has been approved by Saudi Arabia’s Supreme Economic Council.

A statement on the company’s website said a new 10-member supreme council headed by the kingdom’s deputy crown prince has been created to run Aramco.

Aramco’s website said it, “plays a critical role in supplying world oil markets but we want to do more and that is why we are engaging in an unprecedented corporate transformation”.