The alleged Iranian plot to blow up Saudi Arabia’s ambassador in Washington made for blazing headlines even as it obscured a deeper truth: Iran and Saudi Arabia have been engaged in a different sort of war of attrition over the past few decades, with economics, not explosives, the weapon of choice. Both regimes are keenly aware that although bullets may kill, they can’t bankrupt: only a sudden collapse in oil revenue can do that.
Skeptics who find it implausible that the oil markets can be harnessed as a weapon, and that oil can be turned into a financial super bomb to destabilize a national economy, should heed the words of a leading member of the Saudi royal family. Prince Turki al-Faisal, previously his country’s head of intelligence and ambassador to Washington, has long enjoyed a reputation for frank talk. Three and a half months ago, he delivered an address to a select group of NATO officials at an air base deep in the heart of the British countryside. In his remarks, the prince fired a shot across the bows of the Iranian regime.
This past year, the Saudi royal family was caught off-guard by the Arab Spring uprisings and badly shaken by the overthrow of old friends and allies in Egypt and Tunisia. The Saudis blame their neighbor Iran for inciting and stoking the troubles as part of a sinister plot to divide, weaken, and eventually topple the region’s conservative Sunni monarchies. Prince Turki made it clear that after six months of being on the defensive, the Saudi royal family had rallied and was about to fight its corner by unleashing the most powerful weapon in its arsenal: the kingdom’s massive oil reserves.
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