Foreign Policy : Riyadh’s Oil Policies are Destructive

American oil expert “Robert Mosbacher” wrote an article published in “Foreign Policy”, entitled “Saudi Arabia’s Destructive Oil Freeze,” in which he pointed out that Saudi Arabia deliberately ignores calls by member countries of the “OPEC” organization such as Nigeria and Venezuela, to reduce oil production In order to stop the decline in crude oil prices. He pointed out that Saudi Arabia insists on continuing the same level of production, the thing that caused the oil barrel price to fall from forty dollars to twenty seven dollars.

He warned that “Saudi Arabia is reattempting to bring about a lack of oil supplies by exploiting the economic slowdown, especially in countries like China, for it has caused the prices to fall in a way that it no longer makes sense from a commercial point of view to carry out new exploration”. He pointed that “oil companies are canceling new projects worth billions of dollars on account of the declining oil prices, warning that “the economic hardship felt by oil-producing countries and the tighter budgets resulting from it will also contribute significantly to the lack of supplies”.

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