Saudi Arabia’s New King, Current Oil Policy

Saudi Arabia’s New Kings Probably Will Not Change Current Oil Policy

King Salman, Saudi Arabia’s new ruler, issued a new decree to retain the current ministers decision to maintain its crude production. Saudi Arabia accounts for more than a 10th of global supply with more than 9.5 million barrels a day and exports of 7 million.

The country’s refusal to relinquish market share to rising U.S. output has contributed to the oil slump in prices since the credit crisis of 2008.

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