London/Kuwait/Dubai — Saudi Arabia’s new Crown Prince, Mohammed bin Salman, will need higher crude prices to push ahead with his plans to reform the kingdom’s economy, making an about-face in oil policy unlikely in the short term. Saudi Arabia’s King Salman made his son next in line to the throne on Wednesday, handing the 31-year-old sweeping powers as the kingdom seeks a radical overhaul of its oil-dependent economy. Yet, oil markets will be braced for an even more assertive Saudi Arabia in foreign policy. MbS, as the prince is known, has already supported the kingdom’s involvement in a war in Yemen, broken diplomatic ties with fellow oil cartel Opec member Qatar, and confronted Iran for its alleged support of terrorism. "Even if there is a more aggressive foreign policy, we don’t see any changes to oil policy yet," said Amrita Sen, chief oil analyst at consultant Energy Aspects in London. After his promotion, the crown prince faces an oversupplied energy market, insufficient oil r...
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