When weaker countries recklessly get involved in powerful nations’ proxy wars, they end up experiencing self-inflicted pain for their own people. However, sometimes these same superpowers, blinded by egoistic pursuits, become victims of their own pitfalls. A pertinent example of this would be the involvement of the US  in Saudia Arabia and Russia’s Oil Price War.

The US economy has suffered because of the sanctions on Iran. But, it has also suffered from another reason. The US, without bothering about the impact of Covid-19, which WHO had warned in January 2020, initiated an oil price war through Saudi Arabia with Russia, forcing 65% quarterly fall in price of oil on March 8, 2020. Instead of pursuing a dialogue under the umbrella of OPEC over oil production levels, negotiations were disrupted and thereafter oil prices slumped by over 30%, which ultimately resulted in a global stock-market crash.

By the time President Trump intervened to pressure Saudi Arabia to cut back on oil production, the Covid-19 pandemic had drastically reduced demand for oil, while the market had already been flooded with surplus oil, and storage capacity is now running out. Now, this is a consequence of participating in a proxy war which the Americans should now recognise how much this particularly harms their economy.

MALIK TARIQ ALI,

Lahore.