David Gardner at FT notes:
Wahhabi Saudi Arabia’s visceral hatred
of the Shia – as well as its rivalry with the Persian and Shia Islamic Republic
for hegemony in the Gulf and the Levant – should be factored into the oil price
equation. Riyadh, sitting on foreign exchange reserves of more than $750bn, can
ride out lower oil revenues. Iran, which needs the price to be twice the
current level to make ends meet, is hemorrhaging. Already economically hobbled
by sanctions, Tehran is by some estimates spending $1.5bn a month supporting
its allies in Syria and Iraq.
from Bob Wenzel
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