Saudi King Abdullah Bin Abdulaziz Al Saud died early Friday after suffering from a brief illness. He was 90. Half-brother Salman bin Abdulaziz Al Saud, 79, has ascended to the Saudi throne following the former king’s burial in Riyadh. New king Salman named his brother Muqrin as crown prince and his nephew, Muhammad bin Nayef, 55, as deputy crown prince. The inclusion of Muhammad in the succession plan, a first for the royal family’s second-generation members, promotes stability in the Saudi government as the Gulf region navigates both political and economic change. World leaders and major companies took to social media to express their condolences for the Saudi people.

“As our countries worked together to confront many challenges, I always valued King Abdullah’s perspective and appreciated our genuine and warm friendship.” – U.S. President Barack Obama

“The Islamic and Arab nations today lost a superb leader who stood as an advocate for Arab causes and rights and who helped spread peace, tolerance, justice and benevolence.” – Sheikh Moahmed bin Zayed al Nahyan, Crown Prince of Abu Dhabi

Thousands are expected to visit the royal palace during the next three days of mourning to remember the king.

As Saudi Arabia and the world mourn, industry experts are left wondering: What does this mean for the country's oil future?