Saudi Arabia's King Abdullah
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Saudi Arabia's King Abdullah

There will be no change in oil production policy on the part of Saudi Arabia following the death of the country's monarch, John Kilduff, partner at Again Capital, told CNBC on Friday.

"Things go downhill from here for us with King Abdullah's death. The next generation and others—while they talk a good game and a lot of happy talk toward the U.S. and what they want—what they really want is a very sustainable oil price, a higher one than I think we would like and can benefit from, and will work to do that," he said in a "Squawk Box" interview.

King Abdullah died on Friday after effectively ruling the country for two decades. His half-brother, Crown Prince Salman, announced he will occupy the throne.

In November, Saudi Arabia refused to agree to oil production cuts at a meeting of the Organization of the Petroleum Exporting Countries, a move that accelerated declines in crude prices, which are down about 60 percent from highs in June.

Read MoreSaudi oil policy 'just took turn for the worse'

The Saudis want to "break the backs" of U.S. oil producers, and possibly those in Iran and Russia, as well, he said. The decision to keep oil production steady is largely seen as a bid by Saudi Arabia to protect its market share.

That shifts the responsibility to boost the price of oil through output cuts to other countries—particularly the United States, where oil production has increased about 50 percent since 2008.

All eyes will be on the what happens to those U.S. producers over the next several months now that the United States has taken the mantle of the world's swing producer from Saudi Arabia, Dan Yergin, IHS vice chairman, told CNBC.

Read MoreOil jumps as Saudi king's death feeds market uncertainty

The new king faces not just plummeting crude prices—Saudi Arabia is the world's largest oil exporter—but the potential for war for in Yemen, its southern neighbor. The U.S.-aligned government in that country collapsed on Thursday as Shiite rebels from the north occupied much of the capital city Sana'a.

The development increases the sense of anxiety and tension in the region and highlights the geopolitical risk there, Dan Yergin, IHS vice chairman, told "Squawk Box."

"What's been remarkable about the oil price, a year ago you had a lot of geopolitics in the price. Now there's no geopolitics in the price, but I think some of that may come back," he said.


2015.01.23 07:24:39

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