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    In this Saturday, Jan. 23, 2016, file photo, an oil pump stands as the Saudi Hawks Aerobatic Team of the Royal Saudi Air Force performs during the Bahrain International Airshow in Sakhir, Bahrain

    Saudi Arabian Energy Ministry Denies Plans to Ditch Dollar in Oil Trade

    © AP Photo / Hasan Jamali, File
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    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.

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    oil, OPEC, Donald Trump, Saudi Arabia
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