Saudi Arabia will adhere to its long-standing oil policy aimed at keeping global markets well supplied to stabilise prices following the death on Monday of King Fahd, Saudi sources said.Crown Prince Abdullah, in charge of Saudi oil since Fahd suffered a stroke in 1995, was swiftly appointed monarch of the world’s largest crude exporter. ‘‘I am sure nothing will change regarding Saudi Arabia’s oil policy,’’ a Saudi source said on Monday.Top Opec officials 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 (Fahd’s) 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 Chief and Kuwaiti Oil Minister Sheikh Ahmad al-Fahd al-Sabah told satellite television Al Arabiya.‘‘The shock in the market because of the death of King Fahd will be temporary,’’ said Iranian Oil Minister Bijan Zanganeh. ‘‘Because Saudi Arabia’s policy was conducted by Crown Prince Abdullah, naturally there should be no change in the country’s policy.’’Saudi Arabia would prefer to see US oil prices below $50 a barrel.To keep world markets sufficiently supplied, Riyadh is now pumping about 9.5 million barrels per day (bpd) of crude and has vowed to keep spare production capacity of 1.5 million to 2 million bpd to meet any supply shortfalls.
