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Saudi Arabian Energy Ministry Denies Plans to Ditch Dollar in Oil Trade
Saudi Arabian Energy Ministry Denies Plans to Ditch Dollar in Oil Trade
Sputnik International
MOSCOW (Sputnik) - The Saudi Arabian Energy Ministry said on Monday that there would be no change to its policy of selling oil in US dollars after media... 08.04.2019, Sputnik International
2019-04-08T11:55+0000
2019-04-08T11:55+0000
2022-11-15T14:19+0000
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middle east, newsfeed, saudi arabia, donald trump, opec
middle east, newsfeed, saudi arabia, donald trump, opec
Saudi Arabian Energy Ministry Denies Plans to Ditch Dollar in Oil Trade
11:55 GMT 08.04.2019 (Updated: 14:19 GMT 15.11.2022) MOSCOW (Sputnik) - The Saudi Arabian Energy Ministry said on Monday that there would be no change to its policy of selling oil in US dollars after media reports suggested the move was planned to stop US Congress from passing a damaging antitrust law.
These reports "are inaccurate and do not reflect Saudi Arabia’s position on this matter," the ministry's statement seen by the Financial Times read, adding that the nation’s longstanding policy of trading oil in dollars "has served well the objectives of its financial and monetary policies."
READ MORE: Saudi Arabia Mulls Ditching Dollar in Bid to Stop US Anti-OPEC Law — Report
The statement comes after last week reports claimed that Riyadh had plans to switch its oil trade away from using the dollar to other currencies if the US passes the NOPEC bill, which would extend American anti-trust laws to foreign entities such as OPEC.
The No Oil Producing and Exporting Cartels Act (NOPEC) aims to end sovereign immunity from the US anti-cartel laws. As the name suggests, it will crack down on the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is a founding member. US President Donald Trump has long accused the group of collusion to drive up oil prices.
