Oil war: How US and Saudi crashed crude prices to hurt Russia, Iran, Venezuela in 2014
Geopolitical Economy Report
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Saudi Arabia and the Oil Lockout
The Guardian newspaper notes that crude could be used as a diplomatic and economic weapon. John Kerry, the US Secretary of State, allegedly struck a deal with King Abdullah in September under which the Saudis would sell crude at below the prevailing market price. As the Russians and Iranians are heavily dependent on oil exports, the assumption is that they will become easier to deal with. And after the sanctions, the US responds by crashing the price of oil.
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