Saudi Arabia to explore more oil despite low prices

During the first speech he delivered after ascending to the throne, King Salman of Saudi Arabia said that they will continue exploring for oil. After succeeding to the Saudi throne on Jan. 23, King Salman delivered his first public speech. He said that they will continue oil and natural gas exploration despite falling oil prices, which dropped from $115 a barrel in June to a near six-year low close to $45 in January and around $58 now. Speaking on Saudi state television, King Salman said that their objective is to have a strong and diversified economy. He also vowed to fight corruption, diversify sources of income of the Saudi economy and maintain stability in the country.