IEA: no ‘significant’ change in Saudi oil policy after king’s death
Saudi Arabia has been the driving force behind OPEC’s refusal to slash output to support oil prices
The chief economist of the International Energy Agency said Friday there would be no “significant” changes to Saudi oil policy following the death of King Abdullah.
“With the death of the king, with the changes (in government), I do not expect any significant change in the oil policy of Saudi Arabia and I expect and hope that they will continue to be a stabilization factor in the oil markets,” Fatih Birol told AFP on the sidelines of the World Economic Forum in Davos.
“I hope they will continue to contribute to the stability of the oil markets ... especially in these days where we are going through difficult days,” he added.
The elderly King Abdullah died earlier Friday and was replaced by his half-brother Salman as the absolute ruler of the world’s top oil exporter and the spiritual home of Islam.
As the top producer in the Organization of the Petroleum Exporting Countries, Saudi Arabia has been the driving force behind the cartel’s refusal to slash output to support oil prices, which have fallen by more than 50 percent since June.
Oil prices surged Friday following Abdullah’s death, amid uncertainty over whether the new king would maintain that policy.
Also Read
-
Oil prices fall further after IEA cuts forecast
Agency says global oil demand in 2015 will grow by 900,000 barrels a day - 230,000 less than previously forecast Energy -
IEA sees new era, no quick rebound in oil prices
IEA sees pressure increasing on OPEC to cut output Energy -
IEA: ISIS oil production reduced by air strikes
The coalition’s targeting of ISIS-held oil infrastructure has knocked crude production down to around 20,000 barrels per day Energy -
Iraqi oil bottlenecks bigger obstacle than unrest: IEA
Fighting in Iraq threatens Baghdad's oil exports Energy -
Iraq asks for more weapons to fight ISIS
Abadi said the plummeting oil price had been “disastrous” for Iraq, which is on the frontline of the fight against ISIS Middle East -
Oil export losses to reach $300 billion in Middle East
Economies dependent on oil exports, including Qatar, Iraq, Libya and Saudi Arabia, will be hit hardest by the more than 50 percent decline in oil prices Energy -
Oil prices have reached ‘bottom’: Iraqi minister
Iraqi minister said current low oil prices will knock out part of the high-cost production Energy -
IMF slashes world economic forecast for 2015
Not optimistic: Downgrade to the forecasts comes despite one major boost for the global economy - the sharp fall in oil prices Economy
