Following the hours of  king Abdullah’s death the oil price has jumped.As we all know that Saudi Arabia is one of the greatest producer of oil in the whole world and in member of OPEC(Organization of the Petroleum Exporting Countries). As result, such a news effected the oil price.

However, the oil price in general is falling in the in Saudi Arabia and GCC(Gulf Corporation Countries) which is effecting the economy of these countries. This big falling of the oil price  made the GCC think about having new strategies to mange their oil spending. in fact, GCC never states stopping exporting

This falling of oil price can be a positive thing too. It can help Saudi Arabia and GCC countries not rely on oil in their economy and helps them invest in new businesses.