Saudi king Dies, oil market reacts to news.(CNN).
The oil market reacted swiftly to the death of the king of Saudi Arabia, the world's largest exporter of petroleum.
Crude oil was 2% higher immediately after the news broke, trading just above $47 a barrel.
King Abdullah bin Abdulaziz al Saud's health had been deteriorating in recent weeks, according to the state-run Saudi Press Agency. He was king of Saudi Arabia since 2005 and celebrated his 90th birthday in August.
His half-brother Prince Salman bin Abdulaziz al Saud was expected to assume the throne.
Saudi Arabia has 16% of the world's oil reserves, and in 2013 was the world's largest exporter of total petroleum liquids, according to the U.S. Energy Information Administration. The country is widely seen as the leader of OPEC.
Oil has fallen over 50% since the summer. Crude oil traded over $100 as recently as July. It now trades below $50. OPEC's decision, led by Saudi Arabia, on Thanksgiving Day to not cut production accelerated oil's plunge.
Saudi officials have repeatedly said the nation will not cut oil production. It's unlikely that the new king will alter that stance.Read the full story here.
Okay White People. Listen Up:
The name of the new Saudi King is NOT 'Salmon' as in fish. His name is 'Salman' as in @SalmanRushdie. Get it?
— Tarek Fatah (@TarekFatah) January 23, 2015FT profile of the new Saudi king from January 7 http://t.co/DAVeCpw5AP
— Nervana Mahmoud (@Nervana_1) January 22, 2015Saudi's new king, Salman, a force for unity in royal family http://t.co/vbmQSuNtZb
— Andrew Michael Barr (@andrewmichaelb3) January 23, 2015SALMAN IS THE NEW #SAUDI KING AND MIGRIN IS THE NEW CROWN PRINCE
— Mohamed Yehia (@yeh1a) January 22, 2015Here's everything we know about the new Saudi king http://t.co/GhTafe63WX pic.twitter.com/wEvRRhemix
— Business Insider (@businessinsider) January 23, 2015"The new Saudi king is so old that his father was born in 1876" #hsgovchat http://t.co/N7eVPiAh35
— Mr. Fitz (@FitzAPGov) January 23, 2015#Saudi King Abdullah dies, new ruler is Salman http://t.co/KFj0ay31zg #news
— Live Breaking News (@mywabot) January 23, 2015Under King #Abdullah, Saudi became "the most significant source of funding to Sunni terrorist groups worldwide." https://t.co/XHUdgdQ5FY
— WikiLeaks (@wikileaks) January 23, 2015Saudi's new king, Salman bin Abdulaziz al-Saud, was born in 1936 according to classified embassy reporting https://t.co/eMcWksvpgq
— WikiLeaks (@wikileaks) January 23, 2015Saudi has announced that King #Abdullah is dead. Classified cables on the succession race: http://t.co/qxuyNGatTc #AbdullahAbdulaziz
— WikiLeaks (@wikileaks) January 23, 2015You bet the 4 daughters of King Abdullah are not saddened by his death. He starved & locked them away for 13 years. http://t.co/zYpTHPFygX
— Julie Lenarz (@MsIntervention) January 23, 2015King Abdullah Dies, Disrupting Saudi Arabia at a Sensitive Time http://t.co/ve5iZJGX4Q
— Foreign Policy (@ForeignPolicy) January 23, 2015Last TV appearance of the #Saudi King in the state TV heading to Rawdat Khrem http://t.co/fr4evVAAIx
— Zaid Benjamin (@zaidbenjamin) January 23, 2015Prince Salman bin Abdulaziz to become next king of Saudi Arabia, state television reports. http://t.co/ak8ZTao0Oh pic.twitter.com/Of82lEuqCt
— CNN Breaking News (@cnnbrk) January 22, 2015Saudi Arabia's King Abdullah will be missed here in Geneva. He was a reformer who led his country to 2 terms on the UN Human Rights Council.
— Hillel Neuer (@HillelNeuer) January 23, 2015When Prince Salman (soon to be King Salman) was born in 1935, Saudi Arabia was 3 years old. via @iyad_elbaghdadi pic.twitter.com/dmlhKLBmEO
— Conflict News (@rConflictNews) January 22, 2015Now Prince Salman ibn Abdel -Aziz is declared the new King of Saudi Arabia
— Nervana Mahmoud (@Nervana_1) January 22, 2015
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