The Politics of OPEC pricing in the Middle East

The American intervention in Afghanistan and the intensification of the Israeli-Palestinian War ever since the 9/11 attack against the United States brought another cycle of anxiety about reliable and steady oil supplies. Some oil producing countries such as Iraq and Iran floated the idea of curtailing oil production to punish the United States for its support of Israel. Meanwhile, in the month of April of 2002, political turmoil and a failed coup d’etat in Venezuela left analysts in consuming countries and oil consumers puzzled about the direction of that country, a leading oil producer and one of the founders of OPEC. In the same month, Saudi leaders visiting President Bush assured the U.S. no oil boycott was forthcoming to buttress the Arab cause against Israel. After all, Saudi Arabia and the United States are, ostensibly, allies.

To judge from the president’s statements it seemed everybody in the world was going to be grateful for the magnanimous Saudi disposition toward America and the West.

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