The rapid deterioration of relations between Iran and Saudi Arabia spells trouble for the energy market in general and for the development of Iran's gas industry in particular.
The immediate effects of the execution of the Shia cleric Sheikh Nimr al-Nimr in Saudi Arabia on 2 January and the subsequent torching of the Saudi embassy in Tehran will be felt in Syria and Yemen. In Syria, the two regional powers are already engaged in proxy warfare, with the Saudis working to secure the downfall of the Assad regime in Damascus and the Iranians to ensure its survival. In Yemen, Saudi forces are directly engaged in combatting the Iranian-backed Houthi forces who are in control of…
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