US sanctions on Riyadh would mean Washington is stabbing itself - Al Arabiya English

US sanctions on Riyadh would mean Washington is stabbing itself - Al Arabiya English:

I read the Saudi statement in response to the American proposals regarding sanctions on Saudi Arabia. The information circulating within decision-making circles within the kingdom have gone beyond the language used in the statement and discuss more than 30 potential measures to be taken against the imposition of sanctions on Riyadh. They present catastrophic scenarios that would hit the US economy much harder than Saudi Arabia’s economic climate.

If US sanctions are imposed on Saudi Arabia, we will be facing an economic disaster that would rock the entire world. Riyadh is the capital of its oil, and touching this would affect oil production before any other vital commodity. It would lead to Saudi Arabia's failure to commit to producing 7.5 million barrels. If the price of oil reaching $80 angered President Trump, no one should rule out the price jumping to $100, or $200, or even double that figure.

An oil barrel may be priced in a different currency, Chinese yuan, perhaps, instead of the dollar. And oil is the most important commodity traded by the dollar today.