Economist: Saudi Arabia's Threat to Flood The Oil Market Will Negatively Fall Back Upon It First

BAGHDAD / NINA / Economist Dergham Mohammed Ali said the threat of Saudi Arabia to raise its oil production to the highest levels and flooding the oil market would fall back upon it first. Mohamed Ali told the National Iraqi News Agency / NINA / "Any Saudi increase would hurt prices dramatically and Saudi Arabia itself will be affected more than others, for being the largest producer in OPEC and its exports is the highest, so its losses will be the biggest, and its requests from states " affected due to the blockade " to freeze their production, such as Iraq and Iran is "unrealistic." He noted that "the best policy at the present time is to return to the quotas based on the size of proven reserves for each producing country and make the volume of production based on the proportion and fit with the size of proven reserves, which puts a fair quotas for exports of oil-producing countries." Saudi Arabia has threatened on Friday to flood the market if Iran continues refusing to reach an agreement to freeze its oil production. / End