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Saudi Arabia rejects reports of plans to release dollars as oil currency



"The Energy, Industry and Mineral Resources Department today confirmed that the recent circulated claim that Saudi Arabia is threatening to sell its oil in currencies other than the dollar is inaccurate and does not reflect Saudi Arabia's position in this case," A statement by the Saudi press agency, this is the official state news agency of the realm.

The statement follows reports that Riyadh considered switching from the greenback to other currencies in his oil store in response to anti-OPEC legislative plans in the US Congress. [19659002] Reuters reported last week, referring to non-named sources, that switching from US dollars to other currencies had been discussed in senior-Saudi circles, and that it had also been shared with US government departments.

the threat takes OPEC's Saudi Arabia's offensive against oil-producing and exporting cartels adds a step further after the previous month-long oil minister of the UAE, Suhail al-Mazrouei, told that lenders at the meeting that if the bill was made law that made OPEC members responsible for US anti-cartel law, the group, which is by all means a cartel, will break up and every member will increase production to their maximum.

According to t He declares, however, that "The Kingdom has traded its oil in dollars for decades, which has served the goals of its economic and monetary policy."

The traditionally close relationship between Washington and Riyad began to push in the wake of the 201

4 oil price collapsed and the strain intensified after the public outcry in the West over the murder of Saudi dissident Jamal Khashoggi, a vocal critic of Crown Prince Mohammed.

The excitement spread higher when a group of US lawmakers introduced the so-called NOPEC bill seeking to make OPEC members liable under US cartel law. According to the Reuters sources, Riyadh continued to release the dollar for oil treatment to become "core business".

By Irina Slav for Oilprice.com

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