*Oil prices reacted, almost immediately and violently, to the news of the death of the Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz, the ruler of the world's largest crude exporter and OPEC kingpin Saudi Arabia for almost a decade. The passing of King Abdullah in the early hours of Friday led to speculation that a leadership transition could result in a change to the country's oil policy and strategy. In recent months, OPEC has opted to continue pumping oil in a bid to defend market share rather than cut production and bolster prices. Some hence questioned: would Saudi Arabia reverse its policy of insisting on market share in aftermath of the change at the top in Riyadh?
01-25-2015, 07:32 PM
Saudi Arabia holds oil policies steady
*Oil prices reacted, almost immediately and violently, to the news of the death of the Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz, the ruler of the world's largest crude exporter and OPEC kingpin Saudi Arabia for almost a decade. The passing of King Abdullah in the early hours of Friday led to speculation that a leadership transition could result in a change to the country's oil policy and strategy. In recent months, OPEC has opted to continue pumping oil in a bid to defend market share rather than cut production and bolster prices. Some hence questioned: would Saudi Arabia reverse its policy of insisting on market share in aftermath of the change at the top in Riyadh?
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