Beyond the Seas

Since July 2014 the price of oil has been falling, and a new OPEC strategy pushed through by Saudi oil minister Ali Al-Naimi makes a reversal unlikely in the near future. OPEC felt obliged to defend its market share against US fracking firms and other “marginal producers.” The pain felt in Moscow, Tehran, and Caracas is an unintended – if not unwelcome – byproduct.