The tug of war for power in the oil market
Once upon a time, lived a very powerful person who decided that he had enough authority to change the world and oust his less powerful rival. At first, his plan succeeded since his less mighty rival went into the shadows.
However, in one remote kingdom near the Persian Gulf, several men, completely unconcerned with questions of authority, decided to teach the arrogant person a lesson and paid him back in his own coin.
It seems strange that no one in Vladimir Putin’s inner circle has warned the president about the disastrous consequences of his recent decision.
Why did nobody in the Ministry of Economy, the Ministry of Finance, or in the Council of Ministers recall that the Russian oil market is in the doldrums? Moreover, there are countries like Saudi Arabia that are literally awash in oil. (more…)