Saudi Arabia has threatened to retaliate against any punitive action, but analysts say that wielding its main weapon — oil production — could backfire, putting the prince’s economic goals even further out of reach. “Would financial sanctions be considered sufficient as to have sent a message to Saudi Arabia that this will never happen again?” Stephens added. Saudi Arabia last week threatened “greater action” if faced with sanctions. Forty-five years ago, Saudi Arabia joined other OPEC nations in an oil embargo over the 1973 Mideast war in retaliation for American military support for Israel. Saudi Arabia has been trying to claw back global market share, especially as Iran faces new U.S. oil sanctions beginning in November.

Source: National Post October 21, 2018 14:25 UTC