Saudi Arabia orchestrated a production cut late previous year by OPEC and Russian Federation, trimming output by 1.8 million barrels a day.
The series of decrees also amended Article V of the kingdom's statute of ruling, stipulating that, from now on, only the sons and grandsons of the founding King Faisal Al Saud can be kings and crown princes.
A little more than two years ago, MBS was a little-known figure in Saudi Arabia. He had previously been the second-in-line to the throne as deputy crown prince, though royal watchers had long suspected his rise to power under his father's reign might also accelerate his ascension to the throne. For decades, the throne has passed from elderly brother to elderly brother - all sons of the late founder.
Qatari Emir Tamim bin Hamad Al Thani, meanwhile, congratulated Saudi Arabia's newly-appointed crown prince, urging "brotherly relations" between the two countries.
The position was given to Mohammed bin Nayef's nephew, 28-year-old law graduate Prince Abdul Aziz bin Saud. His father is the governor of Saudi Arabia's vast Eastern Province, home to much of the country's oil wealth and most of its minority Shiites. All hail from the powerful Sudairi branch of the royal family.
A statement released by the Moroccan Royal cabinet Wednesday said that King Mohammed VI spoke over the phone with Mohammed Bin Salman on the occasion of his appointment as Crown Prince and on the "trust granted to him", wishing him "success in his supreme mission".
With the Saudi royal succession "a done deal", the real issue is how to create the best possible working relationship between the White House and the Saudi royals "at a time of really deep instability and trouble" in the Middle East, said Anthony Cordesman of the Centre for Strategic and International Studies in Washington.
Trump's approach emboldened Mohammed bin Salman and the Abu Dhabi crown prince who seized the chance this month to cut ties with their Gulf neighbour Qatar, analysts and diplomats said.
Opposition split wide open, JD-U to back Kovind
However, CPI-M General Secretary Sitaram Yechury was more clear when he said there would be a "strong candidate" against Kovind. Sharad Yadav was also a member of the sub-committee formed by opposition parties to decide their presidential candidate.
A video (below) released on Saudi state television shows the Prince Mohammed kissing the hand of the former crown prince, who was stripped of all titles following the change of succession. Dubbed by Washington insiders as "the prince of counterterrorism", he developed a ground-breaking program that rehabilitates individuals convicted of terrorism-related crimes.
It is not clear if there will be major changes in Saudi Arabia's foreign policy.
Mohammed bin Salman's promotion, though expected, came as a surprise since the monarchy is engaged in a row with Qatar, while actively escalating tensions with Iran.
The trip was promoted heavily by the kingdom as proof of its weight in the region and wider Muslim world.
Crown Prince Mohammed bin Salman has expressed his animosity towards the Islamic Republic and has vowed to engage in a war with Teheran which he accused of "aiming to control the Islamic world".
Unsafe regional conflicts are also a challenge, as Saudi Arabia and Iran compete for dominance in countries like Yemen, Saudi's southern neighbor, which has been devastated by a Saudi-led air campaign to quell an uprising that the Saudis say is backed by Iran.
The young prince already wielded huge power before he was named heir, spearheading a sweeping economic and social reform programme for the ultraconservative kingdom.
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