Reuters: REFILE-Saudi oil policy uncertainty unleashes the conspiracy theorists. Quoting, “‘Even those who have known Naimi for decades are puzzled. ‘For the first time, I really do not know what is likely to happen at the meeting. It is not clear’, said a long-serving senior OPEC delegate.”
If this is a conspiracy, it is of the most transparent variety. On October 19, 1973, during the Arab-Israeli war, OPEC proclaimed an oil embargo against various countries perceived to be allied with Israel. In December 1980, during the Iran-Iraq war, Saudi Arabia forced the price of oil down.
Following Sun Tzu’s dictum, “Keep your friends close, and your enemies closer”, on Nov. 12 Saudi Oil Minister Ali al Naimi said “Saudi oil policy… have been subject a great deal of wild and inaccurate conjecture in recent weeks. We do not seek to politicise oil … For us it’s a question of supply and demand, it’s purely business.”
Russian support for the Assad regime has created a desire, totally internal to the Sunni Middle East, to wreck Russia. It also reduces the saleability of Iranian oil leaking through the sanctions, so one silver bullet takes on both Russia and Iran’s “caliphate” dreams.