It is obvious that the Saudis are trying to protect their market share in the U.S. oil industry and stop U.S. shale-oil drillers, but they also want to cripple Iran’s economy.
The ill-timed nuclear talks brokered by U.S. Secretary of State John Kerry and EU Foreign Minister Catherine Ashton brought sanctions relief to Iran, just when its economy was “up against the ropes.”
Crude oil in the $50-to-$70 range could inflict major damage on the Iranian economy and the regime in Tehran. The Sunni countries of Saudi Arabia, Kuwait and the United Arab Emirates (UAE) want to inflict as much pain as possible on Shiite Iran.
Saudi Arabia’s sovereign wealth fund assets are estimated at $757 billion. The UAE’s are estimated at $773 billion and Kuwait’s at $548 billion. The UAE has another $300 billion in other various sovereign wealth funds, providing Abu Dhabi with more than $1 trillion in total assets.
All of these countries are at risk of an eventual missile attack by Iran. They know this and are attempting to prepare — while at the same time, they want to cripple the Iranian economy.