The Saudis won’t pull the price of oil out of its nosedive and Iran is furious. Reuters reports:
Iran’s Foreign Minister Mohammad Javad Zarif has postponed a visit to Saudi Arabia in protest against Riyadh’s reluctance to cut oil production, a senior Iranian official said on Sunday. […][Iran’s top official in the Middle East Hossein] Amir-Abdollahian added that the oil issue had adversely affected efforts to improve strained relations with Riyadh.“Oil-producing countries in the region expect Saudi Arabia and others to make an effort to prevent harm to our economies from the long-term effects of the fall in oil prices,” he said.“We have conveyed this to Saudi officials via diplomatic channels and made it clear to them that they must correct their policy.”
Here’s the sign that Iran is hurting from the oil price crash—and more proof that Saudi Arabia not only holds the upper hand in world oil markets, but also a place among the world’s foremost power brokers.