Saudi Arabia is becoming a nightmare for Russia. First, the Saudis elected to abdicate their role as global oil swing producers, choosing not to cut production (and convincing the rest of OPEC to follow their lead) in the face of plunging crude prices. That decision consigned oil producers around the world to a period of prolonged bargain pricing, which has sent budget deficits spiraling in petrostates like Saudi Arabia and—you guessed it—Russia. And it doesn’t stop there. Reuters reports on Riyadh’s latest economic strike against Russia:
Russia has for years been muscling in on Asian markets where Saudi Arabia was once …read more
Source: The American Interest
