Out of Money: Saudi Arabia Shot Itself in the Foot by Dropping Oil Prices
SputnikNews.com
12.03.2016
Riyadh has shot itself in the foot by adopting a predatory pricing policy in the oil market aimed at wiping its competitors out; now the House of Saud is reaping a whirlwind it sowed.
Back in 2014 Saudi Arabia decided to drop oil prices in order to expel Russia from the European and Asian oil markets and at the same time to deal a heavy blow to the US shale oil industry.
However, the Saudi royalty has apparently never heard of the old Chinese proverb that says: “Before you embark on a journey of revenge, dig two graves.”
Thus, unsurprisingly, Riyadh’s irresponsible oil gambling has boomeranged back and struck Saudi Arabia and its people, Russian political scientist Petr Lvov notes.
“The [House of Saud] decided that it has no equals in a position to punish Moscow for its persistent support of the Syrian people and its striving to develop bilateral relations with Iran and even Iraq, the states which could form a Shia arc capable of challenging, even destroying the tyranny of the Saudi regime,” Lvov writes in his article for New Eastern Outlook.
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