The Saudis are burning through tens of billions a month maintaining a currency peg to the dollar that will not be broken because that is a major precondition of any U.S. support. They need to break the peg because oil prices are going to stay low for a long time.

But, they need higher oil prices and solidarity within OPEC and the GCC to stop the bleeding. Qatar forging an independent policy further clarifies the new factions while ticking off the Saudis in the process.

It’s definitely the U.S./Saudi Arabia/Israel on one side and Russia/China/Iran/Turkey with Qatar keeping its feet firmly straddling the line for now. Because nothing says ‘trying to stay on Trump’s good side’ like bailing out American Airlines.

Read the rest at Halsey News.