The price of black gold were mixed after the announcement of the death of Saudi King while there was the matter of the renewal of Ali al-Nuaimi as oil minister.
The voice of Saudi Arabia in the Organization of Petroleum Exporting Countries has always been predominant. It's no secret. A man embodies the oil policy of the United Wahhabi: its oil minister Ali al-Nuaimi removable, in the office after the death of August 1995. King Abdullah she can sign the end of the reign of nearly 20 years? Lets not go? The person that you would want.
"It 's possible that Ali al-Nuaimi be replaced after he mentioned that he wanted to devote more time to his academic activities," revealed Phil Flynn, analyst at futures price in Chicago. The most attentive observers do not believe too much, but you can not help wondering about that option.
"Black gold may suffer a period of instability, while the question of the extension of the oil minister in place since 1995 (Ali al-Nuaimi) partly responsible for the decision to keep the share of OPEC production" were observed analysts Saxo Bank.
"The other problem that may arise is the reaction of the peoples insurgents in Saudi Arabia, which could lead to political instability and the potential impact of the production," they added.
Others, such as the chief economist of the International Energy Agency (IEA), does not expect a palace revolution and do not want.
"I hope (the Saudis) will continue to be a factor of stability in oil markets, especially in these difficult days," said Fatih Birol.
Julian Jessop, of Capital Economics Institute abounds in the same direction: "The king Salman might be more conservative on social issues, but there is no reason to think that will profoundly change oil policy." "King Salman is 79 years old and is unlikely to question the status quo. The Saudi oil policy is, whatever happens, in large part determined by technocrats. The wealth of the kingdom and its vast oil reserves allow you to look beyond the current low prices and embrace a more long-term, "said Mr. Jessop.
There remains the question of reducing the production of OPEC to stop the collapse of oil prices is again on the carpet by many of its members (Venezuela, Iran, Algeria ...) that have been affected there. "OPEC should take action to correct the imbalances of the market for the decline in production," said December 27, 2014 Energy Minister Youcef Yousfi of Algeria.
The sign and its leader remained deaf to the call. The fall in prices has continued. This will change the death of King Abdullah? Apparently not much. The price of black gold were mixed after the announcement of the death of Saudi King while there was the matter of the renewal of Ali al-Nuaimi, as oil minister. At noon, a barrel of Brent North Sea for March delivery was worth $ 49.46 for the Intercontinental Exchange (ICE) in London, up 94 cents from the close on Thursday.
While in the early afternoon in New York, a barrel of light sweet crude oil (WTI) for delivery in March gave 59 cents to $ 45.7. Sign that there will be no disruption in oil policy of Saudi Arabia. The barrel has not finished morfler.