Saudi Arabia’s New King Probably Will Not Change Current Oil Policy - Bloomberg

Saudi Arabia’s New King Probably Will Not Change Current Oil Policy - Bloomberg:



"King Salman, Saudi Arabia’s new ruler, will probably stick to the oil policy of his predecessor, the late King Abdullah, maintaining production levels to preserve market share even at the cost of depressing prices.



A key indicator will be whether Salman, 79, retains the oil minister, Ali al-Naimi, who has driven decision-making since 1995. Al-Naimi, who turns 80 this year, has said he’d like to devote more time to his other job, chairman of the science and technology university named after the late sovereign.



With production of 9.5 million barrels a day and exports of 7 million, Saudi Arabia accounts for more than a 10th of global supply and a fifth of crude sold internationally. The kingdom’s refusal to surrender market share to rising U.S. output has contributed to the worst slump in prices since the global credit crisis of 2008."



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