Still, it’s hard to believe that the Saudis did not consider the geopolitical repercussions
of their bold gambit. Lower oil prices will mean lower revenues for competing petrostates,
two of which—Iran and Russia—are longtime rivals. If a drop in prices
politically destabilizes governments in Tehran and Moscow, Riyadh certainly
wouldn’t lose any sleep. What’s more, cheaper oil could put more pressure on Iran to
reach a nuclear deal and Russia to roll back its operations in Ukraine.