November 12, 2011
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12.10.2011

Yergin: Iranian-Saudi Plot Can Destabilize Oil Prices

   Global oil policy consultant Daniel Yergin says the foiled Iranian plot to assassinate the Saudi ambassador to the United States could affect oil prices by raising tension, and uncertainty in the region.

   "This plot ratchets up tensions in the already tense relationship between Saudi Arabia and Iran, the two largest producers in OPEC," said Yergin, whose international reputation in energy circles was established in 1992 when he authored  "The Prize", a Pulizer Prize winning history of the global oil and gas industry. "It is still too early to determine the potential impact on global oil prices," Yergin said in a news release issued by his consultancy, IHS CERA. "But anything that threatens the security and stability in of the Persian Gulf region, home to 60 percent of world oil reserves, will be of great concern to the oil markets and will reinforce anxieties and uncertainties that exist in thew aftermath of the Arab Spring."

   Yergin, co-founded of Cambridge Energy Research Associates (CERA), and chairman of IHS CERA, has most recently published "The Quest: Energy, Security and the Remaking of the Modern World".

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