People in the United States obsess about Iran's presence in Latin America, all too often blustering about the threat. But Saudi Arabia reminds us that it may well be better to view it in terms of Iran's weakness.
Saudi Foreign Minister Adel al-Jubeir said Arab countries’ rapprochement with South American countries will increase Iran’s isolation in the world ahead of a Latin America-Arab world summit in Riyadh on Tuesday
Prior to the Summit of the Arab and South American countries, Jubeir told Al Arabiya News Channel that South American countries have always supported Arab causes, adding that “Iran seeks to establish relations with these countries due to its weak international stance and because it does not have many friends across the world.”
Jubeir added Tehran has become “weak” and “seeks to gain favor from any country.”
The process of adjustment in the oil market is rarely a smooth one, but, in our central scenario, the market rebalances at $80/bbl in 2020, with further increases in price thereafter.