• Switzerland's news in English
World Economic Forum: Davos
Saudi king's death 'will not change oil policy'
International Energy Agency chief economist Fatih Birol. Photo: IEA

Saudi king's death 'will not change oil policy'

AFP · 23 Jan 2015, 11:11

Published: 23 Jan 2015 11:11 GMT+01:00

Facebook Twitter Google+ reddit

"With the death of the king, with the changes (in government), I do not expect any significant change in the oil policy of Saudi Arabia and I expect and hope that they will continue to be a stabilization factor in the oil markets," Fatih Birol told AFP on the sidelines of the World Economic Forum in Davos.
"I hope they will continue to contribute to the stability of the oil markets . . . especially in these days where we are going through difficult days," he added.
The elderly King Abdullah died earlier Friday and was replaced by his half-brother Salman as the absolute ruler of the world's top oil exporter and the spiritual home of Islam.
As the top producer in the Organization of the Petroleum Exporting Countries, Saudi Arabia has been the driving force behind the cartel's refusal to slash output to support oil prices, which have fallen by more than 50 percent since June.
Oil prices surged Friday following Abdullah's death, amid uncertainty over whether the new king would maintain that policy.

King Abdullah II of Jordan and other Middle Eastern dignitaries left the Davos forum on Friday, flying home early on news of King Abdullah's death, event organizers told AFP.
The Jordanian king was set to address the world's financial and political elite in a speech at 2.15pm, but the address was cancelled, WEF planners said.
Saudi Arabia's Prince Turki Al Faisal Al Saud, another half-brother to King Abdullah, also left the posh ski resort, cancelling a Friday morning appearance alongside ministers from Canada and Germany.

Meanwhile, Israel's former president Shimon Peres told reporters in Davos that the death of King Abdullah was "a real loss for the peace of the Middle East".
"He was an experienced leader and a wise king," Peres said.

Story continues below…

"He had the courage . . . to stand up and introduce a peace programme for the Middle East," he said, referring to the 2002 Arab Peace Initiative.
"I'm not sure that we could have accepted all the items in the peace process but the spirit, the strength and the wisdom invested in it" led to a process that serves still as "a powerful base for making peace." 
The peace initiative put forward by Abdullah offered Israel blanket recognition from 22 Arab states in return for an independent state for the Palestinians.

For more news from Switzerland, join us on Facebook and Twitter.

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
‘Scary clown’ craze hits streets of Zurich
Photo: Pedro Pardo/AFP

Police in Zurich have warned so-called ‘scary clowns’ that they could face charges, following a number of incidents in the city.

VIDEO: driver chases runaway car on Swiss motorway
Image: Neuchâtel police

Shocking footage shows the moment a man dodged lorries to chase after his runaway car on a Swiss motorway.

Saas-Fee crowdfunds low-cost season ski pass
Saas-Fee is hoping to attract 99,999 season pass holders. Photo: Denis Emery/Photo-genic.ch

Skiers could get their hands on a whole season pass for just 222 francs ($223) in the Swiss resort of Saas Fee this winter – if enough people want one.

Swiss billionaire fined for dodging import tax
Urs Schwarzenbach owns the luxury Dolder Grand hotel in Zurich. Photo: Wilhem Rosenkranz

Urs Schwarzenbach faces a $4 million fine for failing to properly declare some 200 artworks imported into Switzerland.

Muslim woman wins headscarf court battle
Photo: Jack Guez / AFP

A Swiss court has ruled against a company that fired a longtime employee after she began wearing the Muslim headscarf.

Montreux throws hat in Olympic rings
Could Montreux host the 2026 Games? Photo: Ivo Scholz/Swiss Tourism

Montreux is to put itself forward as the host city for the 2026 winter Olympics as part of a potential bid by the cantons of Valais and Vaud.

Geneva car share scheme could help reduce city traffic
Catch a Car is aimed at short hops within a city. Photo: Catch a Car

Catch a Car, already in Basel, launches in Geneva next month.

Swiss women will ‘work for free’ for the rest of year
Female employees in Switzerland earn 19.3 percent less than their male colleagues. File photo: Randy Kashka

Switzerland's gender pay gap means from today, Friday October 21st, women in the country will effectively be working for free for the rest of 2016.

Swiss luxury watches stolen in Paris raid
Police outside the Girard-Perregaux watch store on Thursday. Photo: Bertrand Guay/AFP

The 10 Girard-Perregaux watches are worth half a million euros in total.

Brother-in-law arrested over murder of Swiss teacher
The victim worked in a school in Stabio, near the town of Mendrisio. Photo: Oliver Graf

The primary school teacher was found dead in Ticino earlier this week.

Photo: Richard Juilliard/AFP
Man makes Geneva airport bomb threat ‘for a joke’
Sponsored Article
Last chance to vote absentee in the US elections
Photo: AFP
Solar Impulse team reveals plans for unmanned plane
File photo: Martin Abegglen
Swiss to vote on passport rules for 3rd gen foreigners
Photo: AFP
Swiss wingsuit hotspot Lauterbrunnen won’t impose ban
Photo: Swiss Tourism
Six reasons Switzerland isn’t as boring as you might think
Photo: Swiss Tourism
Report: Switzerland one of world’s best places for girls
Photo: The Local
Thief returns Swiss cow bells worth thousands
File photo: Wikimedia Commons
One in three rapists isn’t locked up: statistics
Photo: activistin.ch
Tampon-tax protest turns Zurich fountains red
Photo: AFP
Geneva police to lift ban on bearded officers
Photo: Marcel Gillieron/AFP
Suicide chef’s restaurant keeps Michelin stars
Photo: Lara de Salis
11 things the Swiss get tired of hearing abroad
Photo:  Ivo Scholz/Swiss-image.ch
Survey: expats in Switzerland have money but few friends
Photo: AFP
Swiss press criticize Bern’s 'capitulation' on immigration
Photo: Jura Trois Lacs tourism
German ex-policeman is Swiss city’s new hermit
Photo: Dmitry A. Mottl
Ticino votes to favour local workers over foreigners
Photo: file
Some deodorants could cause breast cancer: Swiss study
Photo: Royal Savoy
In pictures: Inside the latest Swiss luxury hotel
Photo: AFP
Geneva airport bomb hoaxer faces 90,000-franc bill
Photo: Schaffhausen police
Mother leaves toddler son alone in car to go clubbing
Photo: Fabrice Coffrini/AFP
Swiss populist attacked by knife-wielding pensioner
jobs available