Conspiracy theories of those hurt the most by drop in price of oil
Since the Organization of Petroleum Exporting Countries decided Nov. 27 it wouldn’t cut oil production to try to halt plummeting prices, leaders of the world’s oil powers have been taking shots at each other through the media to cast blame for the crash.The reality is that OPEC does not control enough of the supply to manipulate the market as it has in the past. If the Saudis reduce production it would only mean that none OPEC countries like the US in Russia would benefit the most by increasing their market share at the higher prices. That is why the Saudis are determined to focus on maintaining their market share even at lower prices because the sales are still profitable for them is not for the /Russians and Iranians.
In trying to explain his country’s economic woes, Russian President Vladimir Putin proposed the theory recently that the United States and Saudi Arabia could be colluding to send oil prices plunging, according to CNN Money.
“We all see the lowering of the oil price. There’s lots of talk about what’s causing it. Could it be the agreement between the U.S. and Saudi Arabia to punish Iran and affect the economies of Russia and Venezuela? It could,” Putin said.
The price tailspin has been disastrous for Russia, the world’s largest oil and gas producer; according to the U.S. Energy Information Administration, 68 percent of the country’s export revenues came from oil and gas.
OPEC member Iran has suffered, too, and the country’s president, Hassan Rouhani, targeted Saudi Arabia in a speech in early December, calling the Saudis’ oil strategy “politically motivated.”
“Iran and people of the region will not forget such conspiracies, or in other words, treachery against the interests of the Muslim world,” Rouhani said.