Saudi Arabia King Abdullah bin Abdulaziz Al Saud died aged 91. As reported, the death happened yesterday evening, January 22.
According to television channel Sky News Arabya, the head of Saudi Arabia was treated at a hospital in Riyadh, where he was hospitalized on December 31. The monarch was diagnosed pulmonary infection, later he underwent surgery.
Crown Prince Salman bin Abdulaziz Al Saud became the new king of Saudi Arabia.
It is to be noted that after this news, world oil prices have gone up rapidly.
"Oil volatility may rise after the Saudi king"s death until the kingdom provides clarity on its policy, succession and new appointments," said Neil Beveridge, an analyst at Sanford C. Bernstein & Co.
Some experts believe that the market is in a state of uncertainty regarding the policy of the new king on the problem of oil excess on the market that can trigger black gold price rise.
Other analysts believe that soon the markets will focus on whether the new king will leave the former Oil Minister Ali Al-Naimi, who has held the post since 1995. In particular, Florence Eid-Oakden, the chief economist at Arabia Monitor noted that the current oil minister was respected and known in the country and that he would remain at his post until the whole government was updated.