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Saudi Arabia's new king reassures little will change at the world's top oil exporter

After spiking yesterday immediately after the death of Saudi Arabia’s King Abdullah, the price of oil has fallen back to where it was.

In a nationally televised speech today, the new Saudi king — Salman Bin Abdulaziz Al Saud — said policies won’t change in the world’s largest crude exporter. Saudi Arabia’s oil minister remains in his post.

Prime Minister Stephen Harper has extended his condolences to the people of Saudi Arabia and Foreign Affairs Minister John Baird, speaking at at the World Economic Forum in Davos, Switzerland, expects little will change under King Salman’s rule.

“I met the Prince Salman on a number of occasions and we think he will be a strong leader, not just for the kingdom but also for the region,” he told reporters.

King Salman — Abdullah’s half-brother — also made a veiled reference to the chaos in the Middle East created by Islamic extremists, stating “the Arab and the Islamic nations are in dire need of solidarity and cohesion.”