As We Heard

Ties Fuelled By Oil

10 April 2019

The Pakistanis are worried about the growing convergence in relations between Saudi Arabia and India, also between the UAE and India. At one level this concern could have been triggered by the handing over of so many terrorism suspects in these countries to India. At another, it reflects Pakistani apprehension of the economic compulsions driving the Saudis and the UAE. U.S. shale oil has virtually closed that market to Arab oil, and as and when Venezuela stabilises, South America would prefer to buy oil from its neighbourhood. Then there’s Iraq with its largely untapped reserves. Iran is currently in the sanctions doghouse but if the clerics in Tehran are able to strike a deal with Trump, the most logical market is India.

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