American economists contend rise in oil prices after the death of the King of Saudi Arabia and reckon return soon

01/23/2015 14:51



Long-Presse / Baghdad

US experts confirmed the economy, Friday, oil prices rose after news of the death of Saudi King Abdullah bin Abdul Aziz, and swung her return to the previous prices soon, while drew that Saudi Arabia's oil policy will not change and the existence of the current oil minister.

The newspaper said (Anevsment Wake US) in a report seen by the (long-Presse), that "news sources revealed that the oil prices rose after the receipt of news of the death of Saudi King Abdullah," noting that "it is expected to continue the impact of his death to make a difference in the context of oil prices over the next few months. "

The newspaper quoted US economist of policy research institution energy Larry Goldstn saying, "The reaction to the market prices may remain for a period but will return soon to settle down again."

He Goldstn, that "Saudi Arabia occupies a privileged position in the global oil market, one of the largest oil producers in the world and the largest exporters, where it is the only producer of oil, which has the ability to increase or decrease production in response to changes in market conditions."

As economic analyst Frank Verrastro confirmed according to the newspaper that "it is unlikely that the successor King Abdullah, a half-brother Crown Prince Salman, aged 79 years, a change in oil policy of the Kingdom in the near term."

He Verrastro, that "the oil policy of Saudi Arabia will not change the presence of Saudi Arabian Oil Minister Ali al-Naimi," expected to "Naimi continue in office until the next meeting periodic OPEC is expected to happen in the month of June until the end of this critical period as an influential voice in the market."

It is noteworthy that Saudi Arabia has refused to make a reduction in oil production, or to support reduced OPEC production in an attempt to modify the fall in oil prices, despite the sharp decline in oil revenues, the Saudi Arabia has refused.

It is noteworthy that US crude rose by 88 cents, or 1.9%, where the price of a barrel to $ 47.19, while Brent crude, which is measured by which other oils prices by 2.1% to $ 49.58 per barrel rose.

The Saudi royal court announced on Friday, the death of King Abdullah bin Abdul Aziz at the age of 90 years, as pointed out that the funeral ceremony will be held this afternoon.


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