Analysis: Saudis may use oil to fight Iran in Iraq

RIYADH, Saudi Arabia, Dec. 5 (UPI) -- Saudi Arabia may want -- and might be able -- to use oil as a weapon against Iran, reducing the money available for Iran to fund Shiites in Iraq.

Iran, a mostly Shiite nation, is believed to heavily fund the political leaders of Shiite majority in Iraq, and may even funnel money to the Shiite insurgency.

Clearly, the Saudi Arabian government is concerned. Nawaf Obaid, security advisor of the majority Sunni nation, wrote a column in the Washington Post last month raising the possibility it could increase oil production and dump crude in the market, pushing prices down and rubbing out Iran's financial supply base.

Saudi Arabia produced 11.1 million barrels a day in 2005, exporting 9.1 million of that, according to the Energy Information Administration, the U.S. Energy Department's data arm.

Iran produced 4.2 million barrels a day and exports nearly 62 percent of that.

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