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Sunni Days
Saudis Savor Victory

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.

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  • JR

    The House of Al-Saud is one of the most savvy power brokers in the Middle East. They will protect their place at the head of the table by any means necessary. This makes them somebody any reasonable party can deal with.

    • FriendlyGoat

      If the King ever loses his grip on the Kingdom, that country will devolve into the same chaos as the rest of Islam.

  • Kevin

    Can the Saudis cut production enough to matter? Or woukd they just encourage the next round of fracking? The US is on pace to add another million barrels a day even $50/barrel – would the Saudis have to cut 3 million barrels or more a day to reverse this price drop?

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