Writing for London’s City A.M., prolific foreign affairs commentator John Hulsman explores the supposed “conspiracy” behind Saudi Arabia’s oil war. John posits that it seems increasingly likely that the US and the Saudis have struck a secret deal to keep pumping and push down the price of oil.
Firstly, he notes that the Saudis are behaving decidedly oddly: the petro-kingdom has done nothing, nor until last week said anything, to counter the plummeting price in oil. An economics-only energy strategy should dictate that the Saudis reduce pumping to stabilise the global oil price, but this has not happened. John believes there are only two possible explanations as to what is going on:
- In the face of the challenge posed by US fracking, Riyadh may be ruthlessly defending its market share, while knobbling its great, emerging American rival in the process.
- Riyadh is hearkening back to the 1980s, when a then-secret deal to drive down the price of oil helped to economically destroy the Soviet Union.
John contends that the second option seems more viable. This is because it is being “openly whispered” that US secretary of state John Kerry met Saudi King Abdullah on 11 September this year, to strike a deal that would economically cripple – if for differing but complementary interests – their mutual enemies Iran and Russia.
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