Oil Production Unaffected By King's Death
Posted on: Monday, 1 August 2005, 09:00 CDT
Saudi oil production, supply and exports are going on normally despite the death of Saudi King Fahd, Saudi oil company, ARAMCO, said Monday.
An ARAMCO spokesman said employees at the company that handles the oil operations of Saudi Arabia, the world's biggest oil producer, are working without interruption.
The Saudi stock market stopped a few minutes after it opened Monday following the announcement of Fahd's demise. A source projected that the market will be closed for a couple of days until after the king's funeral.
Iranian Oil Minister Bijan Namdar Zanganeh said Fahd's death is not expected to affect international oil prices, despite probable fluctuations. The Iranian News Agency, IRNA, quoted Zanganeh as saying King Fahd's death might cause certain fluctuations in oil prices for a few hours but will not affect the market strongly.
Fahd died in a Riyadh hospital Monday at the age of 83.
Source: United Press International
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