JIDDAH, SAUDI ARABIA: Saudi Arabia's state-run oil giant Aramco has named Amin Nasser its new president.

The company announced the decision Thursday after the recently established Aramco Supreme Council held its first meeting in the Red Sea city of Jiddah. The meeting was led by Deputy Crown Prince Mohammed bin Salman, who is also the country's defense minister.

Nasser has been acting president and chief executive officer at Aramco since April, after assuming the role from Khaled al-Falih, who was appointed as Aramco's chairman and the country's health minister.

Aramco is the world's largest exporter of crude. The price of oil— the backbone of Saudi Arabia's economy — has fallen by about half since mid-2014. Around 90 percent of the Saudi government's revenue comes from oil.