Saudi Arabia on denies a report that the kingdom is threatening to sell its oil in currencies other than the U.S. dollar if American lawmakers pass legislation targeting OPEC.
Saudi Arabia on Monday denied a report that the kingdom is threatening to sell its oil in currencies other than the U.S. dollar if American lawmakers pass legislation targeting OPEC.
On Monday, the kingdom called the report inaccurate, saying it does"not reflect Saudi Arabia's position on this matter." According to Reuters, the plan to marginalize the dollar in oil trading was a response to potential passage of the bipartisan No Oil Producing and Exporting Cartels Act in Congress. The so-called NOPEC legislation would enable the Justice Department to sue OPEC for coordinating production.
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