A majority of Saudi Arabia’s ruling elite has apparently retained a glacial calm amid global uncertainty as to how and why crude prices have been allowed to slump. The oil price has fallen by over one-third in H2 2014 – to a five-year low of just under $66/bbl for January delivery Brent at the time of writing – in events that have further loosened what was left of the Organisation of the Petroleum Exporting Countries (Opec) control of world oil markets. Saudi leaders and their allies – led by the three other Gulf Co-operation Council (GCC) Opec members, the UAE, Kuwait and (in recognition of recent moves towards rapprochement) Qatar – have focused on traditional concerns, such as maintaining market share.