ARAB SAUDI DAN KRISIS HARGA MINYAK TAHUN 2014-2016 (SAUDI ARABIA AND THE OIL PRICE CRISIS OF 2014-2016)
Abstract
This article explains the Saudi Arabian oil crisis of 2014-2016. In 2014, the Organization of Petroleum Exporting Countries (OPEC) had been expected to cut production to stabilize the market and control the price of oil,but instead of reducing their own production, Saudi Arabia pushed OPEC to let the market control the price of of oil. This raised the question of why Saudi Arabia led the OPEC push to let the price decline. The purpose of this article is to understand the reasons behind Saudi Arabia’s efforts as prices plummeted fron 2014 until 2016. This paper explores Saudi Arabia as the de facto leader of OPEC using geopolitical purposes to influences the rest of OPEC and to weaken their opponents including Iran, Iraq and Russia.
Keywords
DOI: http://dx.doi.org/10.19166/verity.v10i19.1307
Full Text:
PDFReferences
BBC. (2008, June 9). Why the oil price keeps rising. Retrieved from http://news.bbc.co.uk/2/hi/business/7431805.stm
Bloomberg. (2015). Iran can add 600k B/D to capacity if sanctions lifted: Husseini.
Borger, J., & Inzaurralde, B. (2015, September 23). Russian vetoes are putting UN security council's legitimacy at risk, says US. Retrieved from https://www.theguardian.com/world/2015/sep/23/russian-vetoes-putting-un-security-council-legitimacy-at-risk-says-us
Chow, E. (2017, November 3). Russia and Saudi Arabia: A new oil bromance? Retrieved from https://www.csis.org/analysis/russia-and-saudi-arabia-new-oil-bromance
Clifford, C. (2009, July 2). Oil's record high, one year later. Retrieved from http://money.cnn.com/2009/07/02/markets/year_oil/
Cooper, A. S. (2014, December 18). Why would the Saudis deliberately crash the oil markets? Foreign Policy. Retrieved from http://foreignpolicy.com/2014/12/18/why-would-the-saudis-crash-oil-markets-iran/
Cooper, A. (2008). Showdown at Doha: The secret oil deal that helped sink the Shah of Iran. Middle East Journal, 62(4), 567-591. https://doi.org/10.3751/62.4.11
DiChristopher, T. (2015, December 7). How cheap oil raises political risks in Saudi Arabia. Retrieved from https://www.cnbc.com/2015/12/07/how-cheap-oil-raises-political-risks-in-saudi-arabia.html
Dittrick, P. (2010, August 2). Chinese oil companies invest heavily abroad. Retrieved from http://www.ogj.com/articles/print/volume-108/issue-5/general-interest/chinese-oil-companies.html
Fayyad, H. (2017, October 26). Renewed Saudi-Iraq ties 'to rival Iran's influence. Retrieved from http://www.aljazeera.com/news/2017/10/renewed-saudi-iraq-ties-rival-iran-influence-171024151411564.html
Gilpin, R. (1981). War and change in world politics. Cambridge, UK: Cambridge University Press. https://doi.org/10.1017/CBO9780511664267
Gilpin, R., & Gilpin, J. M. (2006). Global political economy: Understanding the international economic order. Princeton, NJ: Princeton University Press. https://doi.org/10.5860/choice.38-6290
Hartmann, B. (2016, March 28). What low oil prices really mean. Retrieved from https://hbr.org/2016/03/what-low-oil-prices-really-mean
Iran Daily. (2015, January 13). Oil, gas condensates to exceed 5.7m bpd. Retrieved from http://www.iran-daily.com/News/109331.html
Keohane, R. (1984). After hegemony: Cooperation and discord in the world political economy. Princeton, NJ: Princeton University Press. https://doi.org/10.2307/20042201
Kindleberger, C. P. (1973). The world in depression, 1929-1939. Berkeley, CA: University of California Press.
Krauss, C. (2009, December 22). No change in oil goal, but cartel is watchful. Retrieved from http://www.nytimes.com/2009/12/23/business/energy-environment/23opec.html?_r=0
Mabro, R. (2006). Oil in the twenty-first century: Issues, challenges and opportunities. Oxford, UK: Oxford University Press
Maksad, F. & Pollack, K. M. (2017, August 21). How Saudi Arabia is stepping up in Iraq. Retrieved from https://www.foreignaffairs.com/articles/middle-east/2017-08-21/how-saudi-arabia-stepping-iraq
Middelkoop, W. (2015). The big reset: War on gold and the financial endgame. Amsterdam: Amsterdam University Press. https://doi.org/10.1515/9789048529506
Moneef, M. A. (2003, November 17). Internal challenges to OPEC and its member states. Retrieved from http://archives.mees.com/issues/458/articles/19311
Mouawad, J. (2008, December 17). OPEC agrees to another cut in production. Retrieved from http://www.nytimes.com/2008/12/18/business/worldbusiness/18opec.html
Mouawad, J. (2009, January 25). OPEC achieves cuts, halting price slide. Retrieved from http://www.nytimes.com/2009/01/26/business/worldbusiness/26opec.html
Mullen, J. (2015, September 28). Iraq agrees to share intelligence with Russia, Iran and Syria. Retrieve from https://edition.cnn.com/2015/09/27/middleeast/iraq-russia-iran-syria-intelligence-deal/index.html
Obaid, N. (2006, November 29). Stepping into Iraq Saudi Arabia will protect Sunnis if the U.S. leaves. Retrieved from http://www.washingtonpost.com/wp-dyn/content/article/2006/11/28/AR2006112801277_pf.html
Obaid, N. (2014, December 2). Determinants of a new Saudi oil policy: Nawaf Obaid. Reuters. Retrieved from https://www.reuters.com/article/us-saudi-oil-column/determinants-of-a-new-saudi-oil-policy-nawaf-obaid-idUSKCN0JG13K20141202
Ramady, M. M. (2016). OPEC in a shale oil world: Where to next? Cham, Switzerland: Springer International. https://doi.org/10.1007/978-3-319-22371-1
Rapoza, K. (2014, October 9). For Putin, oil decline worse than Obama's sanctions. Retrieved from https://www.forbes.com/sites/kenrapoza/2014/10/09/declining-oil-hurting-putins-economy-more-than-u-s-sanctions/2/#7e0c6d26681c
Schofield , J. (2002, June 24). Russias oil renaissance. Retrieved from http://news.bbc.co.uk/2/hi/business/2058214.stm
Shifrinson, J. R., & Priebe, M. (2011). A crude threat: The limits of an Iranian missile campaign against Saudi Arabian oil. International Security, 36(1), 167-201. https://doi.org/10.1162/ISEC_a_00048
Snidal, D. (1985). The limits of hegemonic stability. International Organization, 39. https://doi.org/10.1017/s002081830002703x
Statista. (2018, October). Average annual OPEC crude oil price from 1960 to 2017 (in U.S. dollars per barel). Retrieved from https://www.statista.com/statistics/262858/change-in-opec-crude-oil-prices-since-1960/
Webb, M. C., & Krasner, S. D. (1989). Hegemonic stability theory: An empirical assessment. Review of International Studies, 15(2), 183-198. https://doi.org/10.1017/s0260210500112999
Why Russia is an ally of Assad. (2015, September 30). Retrieved from https://www.economist.com/blogs/economist-explains/2015/09/economist-explains-22
Winners and losers. (2014, October 23). Retrieved from https://www.economist.com/international/2014/10/23/winners-and-losersRefbacks
- There are currently no refbacks.
Copyright (c) 2018 Wildan - Faisol
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Department of International Relations | Faculty of Political and Social Science | Universitas Pelita Harapan | Indonesia | +62 21 546 0901 | verity@uph.edu