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Why Saudis are holding out on low oil prices

Staying the course is aimed at projecting strength and confidence at a time of extreme volatility in Middle East, but this policy won't be for the long run.

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There are some good reasons to anticipate new ministerial appointments by King Salman (centre) over the next six months, with resultant changes in policy, although not necessarily regarding oil.

A CONSENSUS has emerged since the death of King Abdullah of Saudi Arabia that the kingdom will not change course on oil policy. This consensus is probably right, at least for the short term. It is, however, correct for reasons other than the ones that most observers have invoked.

Moreover