Saudi Oil Policy Is Set in Stone

Next week, OPEC will hold its first meeting since talks on freezing production between the bloc's major producers and their non-OPEC peers fell apart in April. The June 2 convention will also mark the first time OPEC members have come together in Vienna since Saudi Oil Minister Ali al-Naimi stepped down, making way for Khalid al-Falih to take his place. Both events have raised questions about what direction Riyadh's oil policies will take in the months ahead, and how they will affect the kingdom's relationships with its fellow producers. By all accounts, Saudi Arabia seems prepared to move forward with its original plan to protect its share of the global oil market, allowing concerns about low oil prices to take a backseat. Deviation, at this point, is not really an option; Riyadh's strategy has firmly committed the kingdom to riding out fluctuations in the market over the next five years. Saudi...