Today the Wall Street Journal has a fascinating piece describing a speech given this month by Saudi Prince Turki Al-Faisal. The prince, speaking to a group of U.S. and British servicemen at an airbase near London, explained that Saudi Arabia was so concerned about Iran’s continued march toward attaining nuclear weapons that it was considering opening its oil spigots and swamping the world with oil in the interest of gutting Tehran’s government revenue.
The prince insisted that the Saudis still have sufficient spare production capacity that, if need be, “we could almost instantly replace all of Iran’s oil production” of roughly 4 million bpd.
http://blogs.forbes.com/christopherhelman/2011/06/22/saudis-set-to-bankrupt-iran-with-flood-of-oil
