April 19, 2016

THE IMPORTANCE OF THE CHRISTIAN/SHI'A ALLIANCE:

To Punish Iran, Saudis Scuttle Oil-Freeze Plan : Crude prices fell after big oil producers failed to rein in output -- fruit of Saudi Arabia's strategic rivalry with Iran. (KEITH JOHNSONAPRIL 18, 2016, Foreign Policy)

OPEC's failure over the weekend to reach a deal to freeze oil production at current levels, and thus nudge oil prices back up, shows that Saudi Arabia hates Iran even more than it hates losing money. That will make it harder for OPEC to take any meaningful steps to soak up the glut of oil that is keeping prices low and straining state coffers.

Riyadh, the largest producer inside OPEC, and other big oil producers had spent months talking up the weekend meeting in Doha, Qatar. But the Saudis made clear they couldn't sign on to any production freeze that didn't include Iran. And Tehran didn't even bother to send its oil minister to the freeze meeting, since Iran is busy throwing off years of sanctions and fighting to regain its share of the global oil market -- and has no interest in nipping its nascent recovery in the bud.

Posted by at April 19, 2016 12:35 PM

  

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