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Saudi Arabia: Gov ready to leave petrodollar to stop NOPEC bill

By  |  April 7, 2019

Saudi Arabia is reportedly threatening to sell its oil in other currencies if the US passes a bill permitting antitrust lawsuits to be filed against OPEC members in US courts, a move which would decimate the tottering petrodollar, reported Reuters.

The kingdom stated the option had been discussed internally by senior Saudi energy officials in recent months. Two of the sources said the plan had been discussed with OPEC members and one source briefed on Saudi oil policy said Riyadh had also communicated the threat to senior US energy officials.

The chances of the US bill known as NOPEC coming into force are slim and Saudi Arabia would be unlikely to follow through, reported Reuters.

Full Content: Reuters

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