The big news today is the death of King Abdullah of Saudi Arabia. The king was hospitalized with pneumonia-like symptoms in late December and died early Friday at the age of 90. It was understood that Crown Prince Salman, King Abdullah's half brother, was the hand-picked successor and has moved quickly to established himself as the new king.
The death of King Abdullah is a game changer in the Middle East and Saudi Arabia, which holds 46% of the world's oil reserves. Saudi Arabia is a major ally of the US, how that changes now is anyone's guess.
Change equals opportunity and make no mistake about it, behind the scenes in Saudia Arabia the knives are out for Crown Prince Salman, who is 79 years old and not in the best of health. [Read more...]