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hemanthaa@mail.com

What is the motive behind the Saudi move to reduce the oil price for Asia?

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Saudi oil price cut to Asia

Saudi Arabia’s move to reduce the crude oil price for Asia on Sunday came as a total surprise for the markets. The reduction is substantial and the region welcomed it during trying times owing to the pandemic.

The motive behind the belated move is, of course, debatable; theories are full of scenarios, ranging from those stem from sound rationale to those based on wild imaginations.

I suspect that Saudis fear the return of Iran into the markets – and grabbing the lion share in the region - earlier than analysts think it would, as the latter is besieged on many fronts due to rapidly-evolving political situations; Iran wants to stay relevant in the region that matters to it.

Iran’s change in tone with regard to Afghanistan on Sunday, having maintained a neutral, philosophical position ever since the US left the latter is a case in point; it was a complete ‘U’ turn, indeed.

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