#oil
King Salman is expected to broadly continue Abdullah’s policies, analysts say.
The stock market rose in the minutes after the announcement, trading 0.9 per cent higher.
Brent crude fell towards $84 a barrel on Tuesday, after top oil exporter Saudi Arabia cut prices to the United States.
Kuwait’s oil minister said on Sunday OPEC was unlikely to cut production to support prices.
South American nation Venezuela tops the list, followed closely by Saudi Arabia.
The UAE-based oil trader looks to hire a CRO as its forced to cut operations in the country by 60 per cent.
The Kingdom reportedly reduced oil output by 300,000 barrels per day from June.
Supply from OPEC members fell by 450,000 barrels per day (bpd) in July to 31.2 million bpd, a survey has found.
The UAE aims to increase exports from the new oil terminal as threats to close the Strait of Hormuz rise.