New Saudi king vows to maintain same approach

Muhamad Fadhil

23-Jan-2015

DUBAI (ICIS) — Saudi Arabia’s King Salman Bin Abdulaziz addressed the nation for the first time since taking over on Friday, promising to maintain the same approach as his predecessors in a televised address.

“We will remain, with God’s support, maintain the straight path that this country has advanced on since its establishment by the late King Abdulaziz,” Salman said.

Salman succeeded his brother Abdullah, who died Friday morning.

Crude futures continued to trade well above the previous session’s close following the death of Abdullah.

By evening, US crude futures for March delivery traded at $46.82/bbl, while Brent crude for March shipment was trading at $49.29/bbl.

Upside pressure has been limited by expectations that the new king will not cut oil production.

Additional reporting by James Dennis

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