Global oil producer Saudi Arabia has seen the price of oil increase following the death of King Abdullah bin Abdulaziz on Thursday evening.
According to the AFP, international investors are eager to see how the king’s successor, Crown Prince Salman will evaluate the current global oil situation.
Oil prices have been on the consistent downfall since June last year dropping from an estimated US$115 a barrel to just under US$50 a barrel as a result of the US shale gas sector soaring, resulting in low crude oil demand.
In November, The Organisation of the Petroleum Exporting Countries (Opec) who supplies the world with 40% of its oil consumption, made the strategic decision to keep production at its regular levels (30 million barrels a day), despite the markets falling.
(Pic Credits: Bloomberg view)