Saudi Arabia has long been the dominant force in oil, leaving the world at the mercy of its ambitions and its interests. Now the kingdom must refresh its strategy to reflect a weaker hand -- and in many ways, a different game.

Riyadh on Sunday froze new trade with Canada and expelled the Canadian ambassador. It also ended state-backed educational and medical programs in a dispute that was sparked by Canada demanding the release of jailed rights activists.

Mnuchin said on Sunday Saudi Arabia's explanation of the killing of journalist Jamal Khashoggi was a "good first step but not enough", adding that it was premature to discuss sanctions against Riyadh over the incident.

DUBAI (Reuters) - Senior Saudi Prince Miteb bin Abdullah, once seen as a leading contender to the throne, was freed after reaching an "acceptable settlement agreement" with authorities paying more than $1 billion, a Saudi official said on Wednesday.

The Saudi-led coalition was briefly added to the blacklist last year and then removed by then-U.N. chief Ban Ki-moon pending review. At the time, Ban accused Saudi Arabia of exerting "unacceptable" undue pressure after sources told Reuters that Riyadh threatened to cut some U.N. funding. Saudi Arabia denied threatening Ban.