It really is a $US60 question. Oil prices are going through the floor and there is no sense yet of what the new petro-normal might be. But Saudi Arabia is punting that the market will “stabilise” at about $US60 a barrel.
However, if Riyadh is the only global oil producer with the capacity to turn on or off the spigots that match supply and demand and hence can vary the price up or down, it doesn’t require a great analytical stretch to conclude that despite their reluctance to take a conventional military role in Middle East conflicts, the Saudi princes have opted for a ruthless oil war.
There’s no shortage of enemies – Tehran, Damascus, Moscow, even Riyadh’s best ally, Washington.
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