Saudi vows to keep same oil policy under new King

London, Aug 1 | Updated: Aug 2 2005, 05:30am hrs
The worlds top oil exporter Saudi Arabia will stand by its policy of pumping enough oil to satisfy markets and stabilise prices following the death of King Fahd, a leading Saudi diplomat said on Monday. Crown Prince Abdullah, in charge of Saudi oil since Fahd suffered a stroke in 1995, was swiftly appointed monarch of the worlds largest crude exporter ensuring a smooth transition.

The kingdoms next ambassador to the United States and outgoing ambassador to Britain, Prince Turki al-Faisal, told reporters in London: I cannot imagine there will be any particular change (in oil and foreign policy). The Crown Prince...worked closely with the late king on implementing the policies of Saudi Arabia both external and internal, he added. Top officials from oil cartel OPEC also expressed confidence that newly appointed King Abdullah would stay the course he has charted over the past decade.

I believe that there is confidence that his (Fahds) brothers, the leaders of Saudi Arabia, will adopt the same approach and the reaction of the markets to this sad news will calm down, OPEC president and Kuwaiti Oil Minister Sheikh Ahmad al-Fahd al-Sabah told satellite television Al Arabiya.