Saudi Arabia’s War of Attrition – Lawrence Solomon (Financial Post-Canada)
(dailyalert.org, Nov. 26, 2014)
Falling oil prices – down 30% since the summer to $75 a barrel – stem largely from a Saudi Arabian decision to use its oil weapon for its self-preservation.
The Saudis realize they are on their own now, facing unprecedented threats from Iran, which may soon acquire nuclear weapons.
The Saudis’ last hope for stopping Iran is to drive down the price of oil to levels so low that Iran’s economy may implode.
Low oil prices hold other advantages for the Saudis. They cut into the revenue of ISIS, which lives off contraband oil sales. They harm enemy Syria, an oil exporter. And they punish Russia, an ally to both Syria and Iran.
The writer is executive director of Toronto-based Energy Probe.