The increase in oil prices after the death of Saudi Arabia’s King Abdullah will probably be temporary amid an oversupply in the crude market.
The new King Salman bin Abdulaziz, Abdullah’s half-brother, said he will maintain the policies of his predecessor in a speech on Saudi national television.
The kingdom signaled the change of leadership, Amy Myers Jaffe, executive director of energy and sustainability at the University of California-Davis, said by phone from Davos, Switzerland, citing a Jan. 6 speech that Prince Salman read on behalf of King Abdullah defending Saudi Arabia’s oil market strategy.“That was a signal to everyone who knew that the king was really sick that Crown Prince was on board with the policy and it isn’t going to change,” she said.
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