The dramatic fall in oil prices is fueling various theories about why oil has dropped so much and so quickly since June 2014, more than halving its price per barrel in the meantime from $110 to $50. That’s why summing up the situation seemed relevant. Venezuela’s President Nicolas Maduro affirmed the ultimate purpose of such strategy carried out jointly by the USA and its partners in the Middle East like Saudi Arabia is the destruction of Russia as a world power.
Maduro’s Russian counterpart Vladimir Putin whose country is facing a crisis tied to both falling oil prices and national currency ruble (RUB) against the US dollar (USD) somehow agreed, saying in his annual address to the Duma that Russia’s foes “would come up with (any) reason to contain Russia’s growing capabilities,” and that these foes resort to sanctions “whenever anyone thinks Russia has become strong.” From a west European perspective, Russia’s actions in Ukraine have been the principal driver of the steamroller of economic war, besides sanctions were taken accordingly, triggering not only growing economic difficulties in Russia but inside Europe as well.
In the Middle East, Iran has been caught in the eye of the storm. According to Arabic sources, this is Saudi Arabia that is intriguing against its Shiite arch-enemy, hoping that falling oil prices will bring Iran’s economy, political regime and nuclear program to its knees. Watch out for flashback however. “If Iran suffers from declining oil prices, know that other oil-producing countries such as Kuwait and Saudi Arabia will suffer more than Iran,” Iranian President Hassan Rouhani warned. Also, opting for an I-stand-my-ground-stance similar to Russia’s, the Islamic Republic has been strengthening its actions abroad, through direct military engagement against the Islamic State (ISIS – Daech) in Iraq and increasing economic and security support to Syria’s regime of President Bashar al-Assad.
The so-called US-Saudi strategy has been counter-productive so far, though nobody can predict its consequences in the long term. Now the star turn of this geopolitical battlefield has been Israel where a number of sources said it shares Saudi Arabia’s top priority: preventing Iran from becoming a nuclear-armed nation. Here too, it has brought no effective result so far. Because it’s a matter of vital interests, many analysts assessed however that the economic pressure is unlikely to change Iran’s stance in nuclear talks or halt support to allies such as Syria.