Desperate to regain control of the oil market, Saudi Arabia, Kuwait, and the United Arab Emirates are deliberately engaging in a price war to eliminate their new US hydraulic fracturing (“fracking”) competitors.
Meeting in Tehran in early 2015, the presidents of Iran and Venezuela stood side by side, vowing to “neutralize” the threat of plunging oil prices. The statement was a thinly veiled swipe at fellow OPEC member Saudi Arabia, which hasn’t supported coordinated production cuts to drive up the price of crude oil.
In 1971, tensions were flaring between the military government of Pakistan and the government of India. India and Pakistan have had issues for centuries, but due to increasing problems between the countries, there seemed to be war on the horizon.