India is too important for oil titan Saudi to ignore

Commodities markets expected the worst last week when tensions between India and Pakistan erupted in a blaze of dogfighting jets in the skies over Kashmir. A full-blown conflict between these old adversaries would be hard for resource producers, especially Saudi Arabia, to shrug off. That is why the Middle East’s biggest oil producing superpower was among the first to despatch its top diplomats to Islamabad to defuse the situation. Minister of State for Foreign Affairs, Adel Jubeir, was hastily sent with a letter addressed to Pakistan’s leadership from his master, the Crown Prince Mohammed bin Salman. The symbolism of the message sent directly from the heir to the Saudi throne was clear: Both sides – armed to the teeth with nuclear arsenals – must pull back from the brink. Despite the domestic political risks of seeming weak, Pakistan’s President Imran Khan can’t afford to ignore the kingdom’s voice. Riyadh recently pledged to invest $20 billion into his country’s struggling economy. Without Saudi Arabia’s support, his government would be almost untenable. It is hoped that the release before the weekend on the border of a battered and bruised Indian fighter pilot shot down in the recent skirmish will be enough of… continue reading

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Source: CTRM Center

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